Cryptocurrency

Banks in the United Kingdom are prohibiting transactions and interactions with cryptocurrency companies and exchanges, according to a Bloomberg story on April 2.According to the report, HSBC and Natwest have limited the amount of money users can shift onto cryptocurrency exchanges. In 2021, Barclays will likewise suspend transfers to Binance. For the time being, crypto requires on and off ramps for fiat. Regrettably, this implies relying on banks, and transaction limits are only one tactic in the arsenal of a high street bank.Some crypto CEOs have cited difficulties dealing with UK banks. The problems, according to the report, ranged from excessiveSavingBlocks, a London-based crypto company, claimed difficulty in engaging with banks. The crypto passive portfolio company requested a corporate account from nine different banking service providers. According to Bloomberg, seven of them turned it down.&#34;There aren&#39;t many options accessible,&#34; said company founder Edouard Daunizeau, before adding that &#34;most traditional banks won&#39;t supply banking services to crypto firms.&#34; He is considering relocating to more favorable climates in Europe.&#34;With the recent sequence of events, it will be considerably more difficult.&#34; We are looking for permits in France, where we believe the process will be simpler.&#34;&#34;The UK financial reaction has been more acute than the EU reaction,&#34; said Tom Duff-Gordon, Coinbase&#39;s vice president of international strategy. Banks dislike cryptocurrency because it threatens their business paradigm. They cite concerns about money laundering, but the fact is that banks profit from other people&#39;s money while providing little in return.Prime Minister Rishi Sunak announced an initiative to attract cryptocurrency enterprises to the UK in April 2022. Yet, the banking blockade is making their lives extremely tough.Additionally, crypto venture capital funding in the United Kingdom has declined. In contrast, it is still relatively healthy throughout Europe.The restricted access to banking, according to Jeff Hancock, CEO of London-based crypto exchange Coinpass, &#34;hijacks any effort to make the UK a crypto centre, which is what Rishi and the government say they want.&#34;As a result, cryptocurrency businesses are turning to payment service providers like Stripe and Wise. They, too, are subject to financial restrictions, which frequently prevent them from interacting with cryptocurrency enterprises.In early March, Economic Secretary Andrew Griffith stated that the Treasury would &#34;attempt to fix the matter with lenders.&#34;Until then, Britain&#39;s banks will maintain their stranglehold on the budding cryptocurrency market.

British Banks Put Brakes on Government’s Crypto Vision

ItsBitcoinWorld

Andere artikelen gepubliceerd op 4 apr 2023

10th NEWS giveaway: Subscribe to Chungcheong Today and get an NFT-based invitation to "2023 Bicyc...

Dogecoin Price Analysis 04/04: DOGE Price Surges After Twitter Changes Logo And Major Holder Sell...

Web3 Football Metaverse TOPGOAL Scores Big Investment from DWF Labs to Build Metaverse Sports Exp...

Double the rewards, double the fun with PUBLISH this December!

SEC Pushes Hard-Line Anti-Crypto Agenda Under Guise of ‘Investor Education Resources’

PUBLISH Holdings reflects on challenges and successes of 2022, outlines plans for 2023

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!