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UK Starling bank to resume crypto exchange deposits in late June



Starling, a United Kingdom-based on-line bank, is getting ready to resume funds to cryptocurrency exchanges after suspending crypto exchange deposits final week.

A spokesperson for Starling instructed Cointelegraph on Tuesday that the bank is ready to restart funds to crypto exchanges on June 23 after briefly suspending the characteristic as a measure to defend its prospects.

Starling blocked funds to some cryptocurrency exchanges final week, citing “high levels of suspected financial crime with payments to some cryptocurrency exchanges.” The bank stated that it’ll reverse the measure after adopting “additional checks specifically for payments to crypto exchanges.”

The spokesperson harassed that the motion was “not an issue for Starling, but for all banks,” referring to official parliamentary feedback concerning the authorized standing of crypto exchanges in the UK. John Glen, a member of the U.Okay. Parliament for Salisbury and the financial secretary to the Treasury, stated final Friday that solely 5 corporations had been approved by the Monetary Conduct Authority to function a crypto enterprise in the nation.

In accordance to knowledge from the FCA official web site, these corporations includee two Gemini-affiliated corporations, Gemini Europe Companies and Gemini Europe, Diginex’s Digivault, crypto-friendly bank Ziglu, and Archax exchange.

“Of the firms assessed to date over 90% have withdrawn their application following FCA intervention. There are 167 crypto asset businesses with outstanding applications,” Glen acknowledged.

The newest regulatory remarks got here after some British banks, equivalent to Nationwide Westminster Bank, reportedly warned its prospects about crypto scams and fraud. Some customers reported that NatWest despatched a associated warning to purchasers final Thursday.

Crypto warning being proven in the NatWest app

— Sam Shead (@Sam_L_Shead) Could 27, 2021

In accordance to a report from The Telegraph on Saturday, different U.Okay. banks equivalent to Barclays and Monzo have additionally blocked customers from transferring cash to some cryptocurrency platforms. A spokesperson for Barclays instructed Cointelegraph that the agency “has not blocked prospects from interacting with cryptocurrency platforms.” Monzo didn’t reply to the request for remark.

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