Banks in the UK banning customers to prohibit crypto investment: Report

Reportedly UK based giant banks freeze accounts of the customers, who were transferring funds on the Crypto exchanges.

The United Kingdom (UK) is a crypto-adaptive region. The financial conduct authority (FCA) is the leading financial regulatory body that regulates the Crypto sector in the UK. The rules in the UK are very strict for Crypto companies and it is very hard for any crypto company to receive full registration from the FCA agency. To this date, only a dozen of Crypto companies are allowed to provide services in the UK. 

On 7 Feb 2023, Popular Bitcoin news media “Bitcoin Magazine” reported that giant Banks are freezing the accounts of those customers, who want to transfer their funds on the crypto exchanges.

A few Crypto Twitter users suggested that affected users should go with Neobank Revolut, which provides trading of more than 100 crypto assets and also provides crypto staking services for customers.

Banks vs Binance

Recently Binance exchange announced that its Banking partner distanced itself from the crypto market and suspended their support for the exchange.

Under this situation, Binance suspended the USD deposits & withdrawals on the exchange.

Binance CEO Changpeng Zhao (CZ) noted that it will affect 0.01% of customers but still this is going to be a very big problem for those Binance customers who are facing this issue. CZ confirmed that the Binance team is trying its best to solve this issue because many Banks are showing an Inclination toward the Crypto sector.

Read also: Turkey officially accepting Crypto donation against its own laws