Starling bans deposits to cryptocurrency exchanges
Financial institutions are warming up to cryptocurrencies. However, not all of them are comfortable doing business with cryptocurrency companies. UK’s Starling bank has reportedly banned its users from depositing funds into cryptocurrency exchanges due to suspected financial crimes.The bank told crypto news outlet Decrypt that customers cannot fund their crypto exchange accounts via Starling for now due to concerns over criminal activities. Starling said, “This is a temporary measure that we’ve taken to protect customers, having observed high levels of suspected financial crime with payments to some cryptocurrency exchanges.” The bank said the concern is not exclusive to Starling as other banks in the UK feel the same way.
Starling said the move is temporary as the bank will reverse the ban once it rolls out extra checks specifically for payments to cryptocurrency exchanges. However, the spokesperson declined to reveal when the bank will lift the ban.
Withdrawals from crypto exchanges are allowed
The bank clarified that only deposits to exchanges are banned at the moment. The bank customers can withdraw their funds from crypto exchanges to their Starling accounts with no restrictions.Although Starling said the problem is a general one for banks across the UK, there are no reports that other major banks have implemented the same ban. Barclays told Decrypt that it had not banned transactions to cryptocurrency exchanges.
Traditional financial institutions have a history of blocking cryptocurrency-focused transactions. However, the cryptocurrency market has grown massively over the past few years, and more institutions and retail traders have entered the space. Hence, banks and other financial institutions are obliged to provide crypto services due to rising demands from their clients. Some of the leading banks are already offering cryptocurrency services, including Goldman Sachs and Morgan Stanley. JPMorgan, Citigroup, Cowen and UBS are other top banks that are looking to enter the market.
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