Major UK banks have been receiving criticism for implementing restrictions on customers who invest in cryptocurrencies. Nigel Green, the CEO of deVere Group, a leading independent financial advisory firm and asset manager, has slammed this as an "outrageous, overreaching diktat" against account holders.

It has been reported that some of the UK's largest banks, including HSBC and Nationwide, have limited their customers' daily investment, restricted credit cards from purchasing cryptos, and even frozen accounts. Green suggested that this is because the banks view crypto investments as a threat to their power and influence. He claims that they have no right to control their customers' personal financial decision-making and such restrictions violate basic rights, privacy, and autonomy.

Green also pointed out that institutional investors are increasing their exposure to cryptocurrencies like Bitcoin (BTC). He noted that investors are drawn to cryptocurrencies for the potential of high returns, portfolio diversification, inflation hedging, and access to a new asset class.

The deVere CEO then emphasized that if banks are restricting crypto investment, they should not be doing something similar for other areas like alcohol, tobacco, energy, or political donations to parties they disapprove of. He also warned that banks should not be implying wrongdoings by cryptocurrency users which are not seen in the traditional finanace system.

The conclusion is that banks should not be interfering with their customers' private, personal financial decision-making. This kind of control goes against the values of the UK's banking heritage. In addition, it violates the right of the customer to control their own money, as crypto investment is legal in the country.

Ultimately, banks should not be subjecting their customers to restrictions which they, in fact, do not have the power to impose.



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