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Why Cautious UK Banks Unbanking Crypto Customers

According to multitudinous sources consulted by Bloomberg, cryptocurrency companies in the United Kingdom are having trouble using banking s...

According to multitudinous sources consulted by Bloomberg, cryptocurrency companies in the United Kingdom are having trouble using banking services. The few banks that are still working with cryptocurrency companies require more explanation and details about how they keep track of consumer transactions.

Cautious UK Banks Actively Unbanking Crypto Customers

The challenges

Having operations rejected, accounts firmed, and a cornucopia of paperwork are all difficulties. As the situation deteriorated over the previous few weeks, cryptocurrency companies even complained to Prime Minister Rishi Sunak's administration.

The decision is in opposition to Sunak's objectives, which include making the UK a prominent crypto center and promoting financial technology disruption. UK-based cryptocurrency businesses are feeling the pressure as they hit another obstacle on the way to financial freedom. In addition, you may improve your trading skills by using a reputable trading platform and then read more on this website.

Banks and their statements

According to reports, banks are building a wall of barriers to overcome for these companies, with requests for more documentation and transaction monitoring becoming the norm. The future of cryptocurrency in the UK is looking bleaker than ever with Natwest and HSBC reducing the amount of money users may move to cryptocurrency exchanges and Barclays halting Binance payments.

These rules made it more difficult for businesses to operate in the UK even if they were intended to make the industry safer and more transparent. 

The currencies facing a surge

UK-based digital currency businesses are up against it in their quest for necessary banking services. These companies are having more trouble than ever conducting business in the nation as a result of application rejections, blocked accounts, and mounting paperwork.

The community is aware of the irony because Sunak has made no secret of his desire to turn the UK into a world leader in financial technology. But the current banking limitations run counter to his goals and seriously jeopardize the expansion of the UK's digital currency market.

For businesses in the area, who already have to contend with the Financial Conduct Authority's tight standards, the banking limits are a big blow.

The revolution we aren’t talking about

The UK's resistance to the crypto revolution is a major setback for the nation's fintech industry. The region will lose the chance to be a leader in the digital currency space because of the lack of support and legislative obstacles. 

The UK's exodus could serve as a warning for other nations hoping to draw crypto firms, as businesses continue to encounter regulatory obstacles and banking denials.

Banks and their Historical innovations

The majority of prominent banks told Reuters that their current policies have not altered from their previous stances and that they are now turning away the majority of prospective crypto-related customers. Other top banks claimed they're only engaging with top league companies.

According to a source with knowledge of the matter, JPMorgan Chase is not onboarding any clients that are primarily cryptocurrency businesses anywhere in the world, with the exception of a small number of companies like Coinbase, which has acknowledged that it deposits customer funds at the bank.

Undoubtedly, several of the biggest Bitcoin businesses maintain connections with American institutions. Circle, the main issuer of USD Coin, says Customers Bank is the custodian of some of its reserves, and Gemini claims State Street Bank is the custodian of the reserves for its stablecoin.

However, finding a banking partner may be more challenging for smaller crypto start-ups, according to Ricardo Mico, the U.S. CEO of Banxa, a provider of payment and compliance structure for crypto.

According to John Popeo, a former FDIC lawyer who is now a partner at Gallatin Group, which counsels banks and other businesses on regulatory matters, deposit concentration, and liquidity risks are among the banks' worries if banks take on too many businesses in a single industry. In fact, La Jolla, California-based Silvergate had staked nearly its entire company on supporting the cryptocurrency industry before deciding earlier this month to wind down operations and liquidate its bank.

Conclusion:

Previously using Silvergate and Signature as its banks, the cryptocurrency exchange is now employing MVB Financial Corp. and Customers Bancorp. in the US while looking into opening accounts at additional local banks.

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TechGlobeX: Why Cautious UK Banks Unbanking Crypto Customers
Why Cautious UK Banks Unbanking Crypto Customers
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