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3.70%UK’s Starling Bank to Lift Ban Blocking Payments to Crypto Exchanges in 3 Weeks
The temporary ban was in response to concern about “high levels of suspected financial crime” associated with such payments.
Updated Sep 14, 2021, 1:04 p.m. Published Jun 1, 2021, 3:31 p.m.
The U.K.'s Starling bank said it will resume cryptocurrency exchange deposits on June 23 after the bank installs an enhanced payment review process.
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- Starling took temporary measures to suspend deposits on Saturday over concerns about “high levels of suspected financial crime with payments to some cryptocurrency exchanges,” Alexandra Frean, the chief corporate affairs officer at Starling, said in an emailed statement.
- Frean told CoinDesk the issues that led to the ban are not just an issue for Starling but for all U.K. banks. Starling apologized for the inconvenience caused to customers and said users can still make outbound payments to cryptocurrency exchanges with their Starling debit card.
- “The suspension will lift on 23 June following the introduction of an enhanced payment review process. The block only affects outbound payments, inbound payments in GBP are unaffected,” said Frean.
- Users have also complained on social media about similar blocks by high-street bank Barclays and online bank Monzo. A Barclays’ spokesperson earlier denied that such a ban was in place while Monzo declined to comment.
Read more: UK’s Starling Bank Temporarily Blocks User Payments to Crypto Exchanges: Report
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
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