United Kingdom banks are a threat to crypto, and that's bad news for everyone
Cointelegraph
Published Oct 26, 2022 04:25PM ET
Updated Oct 27, 2022 06:00PM ET
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.
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Written By: Cointelegraph
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