UK Starling bank to Restart crypto exchange deposits in late June

Starling blocked crypto exchange residue last week, citing”elevated levels of supposed financial offense with payments to some cryptocurrency markets”
Starling, a United Kingdom-based online lender, is preparing to resume payments to cryptocurrency trades after suspending crypto trade deposits continue week.A spokesperson for Starling advised Cointelegraph on Tuesday the bank is set to restart payments to crypto trades on June 23 after temporarily suspending the attribute as a step to guard its customers.Starling blocked payments to some cryptocurrency trades last week, citing”elevated levels of supposed financial crime with payments to some cryptocurrency exchanges.” The bank stated it will undo the step after adopting”further checks especially for payments to crypto trades” The spokesperson stressed that the activity was”not an issue for Starling, however, for many banks,” speaking to official philosophical remarks concerning the legal status of crypto exchanges in the United Kingdom. John Glen, a member of this U.K. Parliament for Salisbury and the financial secretary to the Treasury, stated last Friday that only five companies were authorized from the Financial Conduct Authority to operate a crypto company in the country.According to information from the FCA official site, these companies includee two Gemini-affiliated firms, Gemini Europe Services and Gemini Europe, Diginex’s Digivault, crypto-friendly bank Ziglu, and Archax exchange. “Of the firms assessed to date over 90 percent have withdrawn their software following FCA intervention. There are 167 crypto asset businesses with outstanding applications,” Glen stated.The latest regulatory opinions came after some British banks, including National Westminster Bank, reportedly warned its clients about crypto scams and fraud. Some users reported that NatWest sent a related warning to customers last Thursday.Crypto warning being exhibited in the NatWest program— Sam Shead (@Sam_L_Shead) May 27, 2021

As per a report from The Telegraph on Saturday, additional U.K. banks such as Barclays and Monzo have also blocked customers from moving money to some cryptocurrency platforms. A spokesperson for Barclays advised Cointelegraph the company”hasn’t blocked clients from interacting with all cryptocurrency platforms.” Monzo did not reply to the petition for comment.

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