Post
Topic
Board Legal
Re: HSBC canada not allowing to buy any crypto related instrument
by
jseverson
on 16/03/2021, 06:29:02 UTC
Of course, money can be lost (confiscated) if you can't prove its origin and legality, which is why I have already written to you that you need to check the policy of the bank you are doing business with.

Just to be clear, Canadian banks are only legally allowed to seize your money if you owe them. They can at most freeze your account, then make you go through a lengthy process to get it back; the government can seize your money if it has been determined to come from illegal sources though.

That being said, HSBC UK seems to have explicitly banned its customers from depositing crypto earnings into their accounts:

According to The Sunday Times, clients of the British bank will no longer be able to transfer any profits from cryptocurrency transactions into their bank accounts.

I wouldn't be surprised if HSBC Canada has similar rules, so I would recommend you avoid the hassle altogether and simply open a new account with another bank.