British financial institution HSBC Holdings and the National Building Association strictly prohibit retail customers from buying encrypted loan coins based on credit cards. They have joined more and more financial institutions in China to tighten restrictions on digital currency.

A message from Bloomberg on March 2 said the measure should be a warning from British regulators and a response to the scandal surrounding the password industry. It is reported that the amount of encrypted assets for daily savings cards nationwide is 5000 yuan ($5965), and credit cards will not be suitable for encrypted transactions.

Last month, users of Hang Seng Bank banned encrypted purchases with credit cards. "it's mainly because of the challenges that customers are likely to face," HSBC wrote in an email seen by Bloomberg. In a number of cases here, financial institutions have described the warnings issued by the Financial system personal Conduct Authority (FCA) on the risks associated with encrypted property.

Other limited encryption service project banks in the UK include Santander, National Banking Group and Lloyds Bank Group. Most of the restrictions are for password interchange Binance. HSBC banned payment of credit cards to Binance in August 2021 because of concerns about the influence of the trading center in China.

The British government has cracked down on encryption companies. FCA set out a set of standards in February that a password company executive could be sentenced to two years in prison if he does not meet some of the prerequisites related to promotion. "companies that advertise encrypted property to UK customers, including companies based overseas, should be fully prepared for this regulation," the regulator said in a statement. "

The HKMA also stressed that all password exchange service providers-including password ATM network operators-must apply for registration in strict compliance with money laundering policies and regulations.

A highly anticipated consultation document on cryptographic laws and regulations to be promulgated in the UK has recently been released. This proposal aims to put the UK financial services industry at the forefront of encryption technology while avoiding the strict control measures favored internationally. The document includes themes of general activities, including algorithmic stable tokens, irreplaceable tokens and initial sales coins.