Oh HSBC, The world’s sixth-largest bank, said in a recent statement that it had been suspended and banned Not the UK All money is transferred to the world’s largest cryptocurrency broker Accounting.
The broker has been followed by regulators around the world in recent months, especially in Europe, and HSBC is the latest in blocking payments to the company.
Some HSBC customers took to Twitter on Monday (2) to stop credit card payments on the bank platform.
Then came an announcement about stopping payments, where the bank explained the decision “Due to Concerns About Potential Risks” To customers
HSBC began informing customers on Tuesday (3) that it could no longer process credit card payments to brokers, citing a warning issued by the Financial Conduct Commission (FCA) in June.
“We take our work very seriously and want to do everything we can to protect them. We will constantly monitor the situation and let them know if there is any change.” The bank wrote.
The bank contacts customers and advises them to stop paying for accounting. An HSBC spokesman said the bank had been in touch with UK customers to report the changes.
“We are not going to comment on individual securities or cryptocurrency brokers. We place special emphasis on Anti-Money Laundering (AML) and KOYC standards. The spokesman said.
The announcement sent to customers was posted on the Crypto Vale Twitter profile:
Accounting under pressure
HSBC cited a recent warning about accounting issued by the Financial Conduct Commission (FCA) at the end of June. This has raised concerns about the regulatory situation of finance in the country.
“Accounting is not allowed to carry out any regulatory activities in the UK. No other company in the Finance Group is authorized, registered or licensed to perform regulated activities.” The FCA said in an official statement.
Following the report, several banks decided to withdraw from accounting. According to HSBC UK, “It also explains some of the risks of investing in cryptocurrencies.”
The brokerage is currently being followed by regulators in at least 8 countries, with the European Financial Monitoring Agency (FCA) banning it from operating in the UK, taking over some such banks. Santander That’s it Barclays, Blocking deposits for accounting.
Now the company plans to build offices in several locations, looking for a specific “decentralization” so as not to experience direct fines from officials.
Source: Direct currencies
Henry Blackwell is a contributor at Mediarunsearch.co.uk, covering a wide range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on delivering clear, balanced reporting and useful information that helps readers stay informed about current events and emerging developments. His work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism.