Cryptocurrency is under threat from the banks of the United Kingdom, which is bad news for everyone
In 2018, the United Kingdom’s Financial Conduct Authority (FCA) wrote to the heads of the country’s biggest high street banks to emphasize the importance of due diligence when dealing with crypto businesses. It seems that this has led to widespread high risk ratings and bans for crypto-related banks, which have had an impact on both crypto companies hoping to operate in Britain and investors.
While banks are responsible and understandably concerned about scams, the current environment creates uncertainty. Crypto investors need to be free to move their money as they wish, and crypto businesses require access. Payment rails There are many other reasons you might need to hire staff or suppliers.
Ian Taylor is the executive director of CryptoUK, an independent industry body for the United Kingdom’s digital assets industry.