Banks in the United Kingdom hate crypto, which is bad news to 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. This seems to have resulted in widespread high-risk ratings for crypto-related banking and bans on crypto related banking. This has had a significant impact on both crypto businesses looking to operate in the U.K. as well as investors.
Banks are understandably and responsibly concerned about scams. However, the current situation creates uncertainty. Crypto investors must be able move their money around freely, and crypto businesses need access. To 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.