UK Bank Starling Blocks Payments to Crypto Platforms — Claims Crypto Is High Risk, Heavily Used for Criminal Purposes

Starling Bank has informed its customers that the slope nary longer supports money transfers to cryptocurrency platforms, including crypto exchanges. The slope stated that cryptocurrencies “are precocious hazard and heavy utilized for transgression purposes and, arsenic such, we nary longer enactment them.”

Starling Bank Blocks Fund Transfers to Crypto Exchanges

London-headquartered Starling Bank precocious notified its customers that the slope nary longer supports wealth transfers to cryptocurrency platforms, including crypto exchanges.

A fig of radical asked the slope for clarification connected Twitter. Starling Bank provided the aforesaid effect to each customers implicit the past mates of days, stating that crypto enactment is considered precocious hazard and it has decided to forestall each paper payments to crypto merchants. The slope added that it is implementing further restrictions connected outgoing and incoming transfers.

Many radical are unhappy with the bank’s decision. Some adjacent said they’ve closed their accounts astatine the slope owed to this change. One idiosyncratic tweeted to the bank:

Why are you deciding what a lawsuit tin oregon can’t bash with their money?

A spokesperson for Starling Bank was quoted by respective quality outlets arsenic saying: “Starling has had restrictions of varying degrees connected crypto transactions for immoderate time, similar galore different banks. We precocious tightened restrictions connected inbound and outbound transactions by paper and slope transfer.” The spokesperson added:

The innovative technology, and thinking, down cryptocurrencies person large imaginable advantages. However, close now, they are precocious hazard and heavy utilized for transgression purposes and, arsenic such, we nary longer enactment them.

Starling is among the latest banks successful the U.K. to enforce restrictions connected lawsuit crypto activity. According to Finder.com, 47% of U.K. banks bash not enactment transfers to crypto platforms. Other banks, including Lloyds, Barclays, and RBS person likewise imposed a scope of prohibitive measures including blocking recognition paper payments and transactions with crypto exchanges.

Last week, Santander Bank began limiting lawsuit transfers to crypto exchanges to 1,000 pounds ($1,209) per transaction and 3,000 pounds successful immoderate rolling 30-day play for transfers via mobile and online banking. The slope volition besides artifact U.K. customers from sending real-time payments made in-branch and via telephone, online, oregon mobile banking to crypto exchanges starting adjacent year.

What bash you deliberation astir U.K. banks blocking lawsuit payments to crypto exchanges? Let america cognize successful the comments conception below.

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