In the latest development, banks were holding on transfers to cryptocurrency exchanges by suspending the payments. This move came amid the rising fear of financial crime opportunities for unruly.
Major banking institutions in the UK, including Barclays, Monzo, and Starling, blocked their users from transferring money to cryptocurrency exchanges like Binance and SwissBorg.
In an interview with The Telegraph, Starling Bank’s spokesperson said, “This is a temporary measure that we’ve taken to protect customers. This is not just an issue for Starling but all banks. We apologise for the inconvenience that this has caused for some customers; we will be reversing this measure as we roll out additional checks specifically for payments to crypto exchanges.”
However, Starling Bank also said it will resume cryptocurrency exchange transfers on June 23 after an enhanced payment review process. On the other hand, there is no information in this regard from Monzo or Barclays.
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