No Coins for Cannabis: HSBC's purchase of Bitcoin denied and will freeze account

the The telephone and Internet Bank First Direct, a division of HSBC, denied the purchase of Bitcoin and freezes the online account of a British. The sixty-year-old wanted to buy Bitcoin to buy Cannabis for the treatment of his sick wife.

Tabea Rossol
9. April 2019BTC$5.184,92 , and 0.39%part Facebook Twitter LinkedIn xing mail

As the vendor of the Cannabis-only accepts Bitcoin as a means of payment, wanted to buy, Mr M. the crypto-currency to the value of £ 1,000. His Bank blocked the transaction, but also locks-the online account of the Sixty. He should contact by telephone with the Bank. Then, transactions have been approved to already existing Accounts. The following week Mr. M. again tried to buy the Bitcoin. Again, the Bank allowed the transaction. The First Direct justified their action in order to protect the customers.

the Bitcoin-buying is illegal?

"Is it illegal to buy Bitcoin?", the sixty-year-old Mr M. asks in the Financial Mail on Sunday from 6. April. By Tony Hetherington for the newspaper responsible for financial issues, takes the case and speaks according to its own information, also with First Direct.

The System of the Bank, according to Hetherington, the account, the £ 1,000 should be paid, classified as suspicious. Hetherington suggests that a major reason for the Intervention of the Bank the particulars of Mr. M. were. This had to be disclosed to the HSBC open that he need the Bitcoin for the purchase of Cannabis for medical purposes.

The account suspension happened not to protect the customers, but in order to associate the Bank with the potentially illegal purchase projects. This is also confirmed by the Statement of a Bank employee to Hetherington: "We understand the Position of Mr M. very well, but we can also facilitate any activities that may be illegal, knowingly."

Hetherington, Mr M. can use the Service of his Bank soon.

the legal situation in Germany is clear

A judgment of the superior court, according to the trade of Bitcoin in Germany is not a punishable offence. As the situation in the acquisition of the country's illegal Cannabis looks like, however, is a different matter.

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