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crypto

Why Crypto Clients Are Being Turned Away By UK Banks, According To This Report

Christian Encila
by Christian Encila
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto companies in the United Kingdom are feeling the heat as they encounter yet another roadblock on their path to financial freedom.

Banks are reportedly putting up a fortress of hurdles for these firms to jump over, with requests for additional documentation and transaction monitoring becoming the norm. 

With Natwest and HSBC slashing the amount of funds customers can move to digital currency exchanges and Barclays freezing Binance transfers, the future of crypto in the UK is looking bleaker than ever.

While these regulations were aimed at making the industry safer and more transparent, they also made it harder for firms to operate in the UK.

Related Reading: Allbridge Hack: Cross-Chain Protocol Loses $570,000 To Exploiter

Crypto Firms’ Dreams Of A UK Hub Dashed By Restrictions

Digital currency companies in the UK are facing an uphill battle as they struggle to obtain essential banking services. With applications rejected, accounts frozen, and paperwork piling up, these firms are finding it harder than ever to operate in the country. 

In a report by Bloomberg, these companies have reportedly turned to the government of Prime Minister Rishi Sunak, expressing their dissatisfaction with the dire situation.

Image: Coin Culture

The irony is not lost on the community, as Sunak has been vocal about his plans to make the UK a global hub for financial technology. However, the recent banking restrictions go against his vision, posing a significant threat to the digital currency industry’s growth and development in the UK. 

The London Exodus

SavingBlocks, a London-based crypto passive portfolio firm, has joined a growing number of crypto companies struggling to obtain essential banking services in the UK. 

According to Bloomberg, the firm applied for a corporate account with nine different banking providers, only to be rejected by seven of them. This is a daunting reality that is forcing companies to consider moving to more crypto-friendly countries.

Founder Edouard Daunizeau expressed his frustration, citing the lack of options available to companies in the UK, and the reluctance of traditional banks to provide essential banking services. SavingBlocks is not alone, with other crypto companies reportedly facing similar banking rejections and regulatory hurdles in the UK.

BTC total market cap currently at $547 billion. Chart: TradingView.com
Related Reading: Dogecoin Holders Now Control $3.6 Billion In DOGE For The Long Haul

Risk To The Fintech Sector’s Future

The banking restrictions are a major setback for companies in the region, who are already grappling with stringent regulations imposed by the Financial Conduct Authority.

The UK’s reluctance to embrace the crypto revolution is a significant loss for the country’s fintech sector. The lack of support and regulatory barriers will undoubtedly push firms away, depriving the region of the opportunity to be a leader in the digital currency space. 

As companies continue to face banking rejections and regulatory hurdles, the UK’s exodus may prove to be a cautionary tale for other countries looking to attract crypto firms.

-Featured image from Phil McKinney

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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