Illegal activities haunt the British digital financial institution that has temporarily prohibited its customers from depositing cash into cryptocurrency exchanges.
The embargo will be lifted “as we roll out similar checks especially for payments to crypto exchanges,” consistent with Starling. whilst asked whilst the financial institution plans to boost the embargo, the representative refuses to acknowledge.
However, only Starling account deposits to crypto exchanges are prohibited, according to the bank. Customers can withdraw money from crypto exchanges into their Starling bills with no barriers. Starling is a cellular-only financial institution that first opened its doors within the United Kingdom in 2014.
Since Thursday, NatWest has cautioned consumers about cryptocurrency traders who “promise enormous profits and offer assistance.” Crypto traders are not subject to any restrictions imposed by the bank.
It recommends its customers to first-class deal with absolutely or temporarily registered crypto companies with the economic conduct Authority.
Only Ziglu (a crypto-friendly bank released last 12 months through Starling co-founder Mark Hipperson), Gemini Europe services Ltd, Gemini Europe Ltd, Digivault, and Archax are registered. While there are still 167 crypto firms with unresolved applications, John Glen, MP for Salisbury, told Parliament on Friday that 90% of those who applied withdrew their applications “after FCA involvement.”
