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A British bank prohibits cryptocurrency deposits and explains why!

Source: https://bit.ly/3uEt6rd

A British digital bank has temporarily banned its clients from depositing funds into cryptocurrency trading platforms 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 clients, after we noticed high levels of suspected financial crime with payments to some cryptocurrency trading platforms.

This is not just an issue for Starling, but for all banks.

He told Starling that he would enforce the ban as there might be additional checks specifically for payments to cryptocurrency trading platforms.

The bank spokesman declined to disclose when the ban would be lifted.

However, the bank confirmed that only deposits from “Starling” accounts to cryptocurrency trading platforms are prohibited.

Clients can continue to withdraw funds from cryptocurrency trading platforms into their “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 stance.

Contrary to customer difficulties reported by The Telegraph yesterday, clients have had no problems transferring money from other UK banks to Binance in the past hours.

“NatWest” bank warned clients last Thursday about cryptocurrency traders who promise big profits and make false promises.

As reported by “NatWest”:

We advise clients to deal with crypto companies that are fully registered or temporarily registered with the Financial Conduct Authority.

Currently only five crypto companies are fully registered with the Financial Conduct Authority, and they are:

“Ziglu”, “Gemini Europe Services Ltd”, “Gemini Europe Ltd”, “Digivault”, and “Archax”.

While another 167 crypto companies have orders pending.

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