Crypto Companies Hit by Bank Troubles in the UK!


 "I guess until when will UK banks behave like this?"

Most crypto currency companies in the United Kingdom (UK) are currently experiencing difficulties in obtaining banking services following the actions of banks that began to limit interaction with the crypto sector following the ongoing banking crisis.

It is understood that several major UK banks implementing restrictions and bans have caused crypto companies to fear that other banks and Payment Service Providers (PSPs) may soon make similar moves.

According to Lisa Cameron, Member of Parliament and chair of the Crypto and Digital Assets group said that crypto companies cannot open bank accounts with Santander and NatWest Group, where it was an issue she raised recently.

He added that many individuals have also complained on the social media platform Twitter that UK banks have banned transfers to crypto exchange companies.

Currently, the two banks that Cameron mentioned are found to be refusing to offer banking facilities to businesses that buy or sell crypto.

Explained in more detail, NatWest in March capped payments to crypto exchangers at $1,232 per day and $6,161 within 30 days to protect users from any digital asset crimes.

While the Spanish bank Santander which has a branch in the UK has limited transactions for crypto exchanges at 1,000 British pounds per transaction last year.

Meanwhile, Starling Bank stated that it no longer supports the purchase and sale of crypto via debit card or bank transfer.

In general, UK banks have been pulling away from crypto in recent years, commented NatWest Chief Executive Officer (CEO) Alison Rae, adding that banks have blocked retail customers from transferring crypto following a volatile market.