Cryptocurrency News

UK Starling Bank will resume crypto exchange deposits at the end of June

Starling, a United Kingdom-based online bank, is preparing to resume payments to cryptocurrency exchanges after suspending crypto exchange deposits last week.

A Starling spokesperson told Cointelegraph on Tuesday that the bank is set to resume payments to crypto exchanges on June 23, after temporarily suspending the facility as a measure to protect its customers.

Starling blocked payments to some cryptocurrency exchanges last week, citing “high levels of suspected financial crime with payments to certain cryptocurrency exchanges”. The bank said it would reverse the measure after adopting “particularly additional checks for payments to crypto exchanges”.

Referring to official parliamentary comments about the legal status of crypto exchanges in the United Kingdom, the spokesman stressed that the action was “not an issue for Starling, but for all banks”. John Glenn, Member of the UK Parliament for Salisbury and Treasury’s Economic Secretary, said last Friday Only five companies were authorized To conduct a crypto business in the country by the Financial Conduct Authority.

According to the FCA official website data, these companies Include Two Gemini-affiliated firms, Gemini Europe Services and Gemini Europe, lead Diginex’s DigiVault, crypto-friendly bank Ziglu and ArqX Exchange.

“More than 90% of the firms have withdrawn their applications after the intervention of the FCA. There are 167 crypto asset businesses with excellent applications, ”Glenn said.

The latest regulatory comment comes after some British banks such as National Westminster Bank or NatWest allegedly warned their customers about crypto scams and fraud. Some users reported that NatWest sent related warnings to customers last Thursday.

According to a report in The Telegraph on Saturday, other UK banks such as Barclays and Monzo have also blocked By transferring money to some cryptocurrency platforms to users. Barclays and Monzo did not respond to Cointegraph’s request for comment.