Crypto firms are facing difficulties in accessing banking services in the UK. followAt multiple sources interviewed by Bloomberg, only a handful of banks are still working with crypto firms, and additional documentation and information on how to verify client transactions has been asked.
Challenges include application denials, account suspensions, and more documents, with crypto firms complaining to Prime Minister Rishi Sunak’s government as the situation has worsened over the past week. The move runs counter to Sunak’s plan to prioritize the financial technology disruption. and making the UK a global crypto hub.
“The UK bank reaction was more severe than the European Union,” Tom Duff-Gordon, Coinbase’s vice president of international policy, told Bloomberg. More Exposure to Crypto Companies in Other Countries
Earlier in March, HSBC Holdings and the Nationwide Building Society banned purchases. cryptocurrency via credit card for retail customers
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