United Kingdom banks hate crypto, and that’s bad news for everyone By Cointelegraph


United Kingdom banks hate crypto, and that’s bad news for everyone

In 2018, the United Kingdom’s Financial Conduct Authority (FCA) wrote to the heads of the country’s biggest high street banks to emphasize the importance of due diligence when dealing with crypto businesses. That seems to have led to widespread high-risk ratings and bans on crypto-related banking, impacting both crypto businesses hoping to operate in the U.K. and investors alike.

Banks are, understandably and responsibly, concerned with scams, but the current situation creates uncertainty. Crypto investors need to be able to move their money around as they like, and crypto businesses need access to payment rails for a variety of other reasons, such as paying staff and suppliers.

Ian Taylor is the executive director of CryptoUK, an independent industry body for the United Kingdom’s digital assets industry.

Continue Reading on Coin Telegraph



Source link

(This article is generated through the syndicated feed sources, Financetin neither support nor own any part of this article)

See also  Bob Iger Returns as Disney CEO, Chairman Issues Statement

We will be happy to hear your thoughts

Leave a reply

 
financetin
Logo