Starling Bank Resumes Payments To Crypto Exchanges From 23rd June.

Starling Bank Resumes Payments To Crypto Exchanges From 23rd June.

2021-06-01 | Eddy Morgan

Starling Bank Resumes Payments To Crypto Exchanges From 23rd June.

U.K.-based renowned online bank, Starling, is preparing to resume payments to cryptocurrency exchanges after suspending crypto exchange deposits last week. A spokesperson for Starling revealed earlier today on Tuesday that the bank is about to restart payments to crypto exchanges on 23rd June after temporarily suspending the feature as a measure to guard its customers. Starling blocked payments to some cryptocurrency exchanges last week, citing “high levels of suspected financial crime with payments to some cryptocurrency exchanges.” The bank revealed that it'll reverse the measure after adopting “additional checks specifically for payments to cryptocurrency exchanges.” The spokesperson stressed that the action was “not a problem for Starling, except for all banks,” pertaining to official parliamentary comments regarding the status of crypto exchanges within the U.K. John Glen, a member of the U.K. Parliament for Salisbury and therefore the economic secretary to the Treasury, added earlier on Friday that solely five companies were authorized by the FCA [Financial Conduct Authority] to work as a crypto business within the country. In line with data from the FCA official website, these companies included two Gemini-affiliated firms, Gemini Europe Services, and Gemini Europe, Diginex’s Digivault, a crypto-friendly bank Ziglu, as well as Archax exchange.
“Of the firms assessed so far over 90% have withdrawn their application following FCA intervention. There are 167 cryptocurrency asset businesses with outstanding applications,” Glen explained.
The latest regulatory remarks came after some British banks, like National Westminster Bank, reportedly warned their users about crypto scams and fraud. Some users reported that NatWest sent a related warning to clients earlier on Thursday.

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