A British Bank Bans Cryptocurrency Deposits And Explains Why!
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Answer A British Bank Bans Cryptocurrency Deposits And Explains Why!
A British digital bank has temporarily banned its customers from depositing funds in cryptocurrency exchanges due to concerns about criminal activity.
We are talking here about the British Bank “Starling”, which recently stated in a statement:
This is a temporary measure we have taken to protect customers, after we noticed high levels of suspected financial crime with payments to some cryptocurrency exchanges.
This is not just an issue for Starling Bank, but for all banks.
He told Starling that he will implement the ban because there may be additional checks specifically for payments to cryptocurrency exchanges.
The bank’s spokesman declined to say when the ban might be lifted.
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However, the bank confirmed that only deposits from Starling accounts to cryptocurrency exchanges are prohibited.
Customers can continue to withdraw funds from cryptocurrency exchanges to Starling accounts without restrictions.
Starling is a mobile-only bank that was launched in the UK in 2014.
Other British banks have not yet taken a similar position.
Contrary to customer difficulties reported by the newspaper,telegraphYesterday, clients had no problems transferring funds from other UK banks to Binance in the past hours.
Last Thursday, NatWest Bank warned customers about cryptocurrency traders who promise big profits and make false promises.
As reported by “NatWest”:
We advise clients to deal with fully registered or temporarily registered crypto companies with the Financial Conduct Authority.
Currently, only five crypto companies are fully registered with the Financial Conduct Authority, which are:
“Ziglu”, to “Gemini Europe Services Ltd”, “Gemini Europe Ltd”, “Digivault”, or “Archax”.
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While another 167 crypto companies have pending orders.
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