BTC-Newswire

CryptoUK calls on regulators to address de-banking of digital asset firms

Press Releases Crypto News Cointelegraph CryptoUK calls on regulators to address de-banking of digital asset firms

The self-regulatory trade association CryptoUK has proposed providing a “white list” of registered firms in the United Kingdom to address banks limiting or banning transactions to crypto companies.

In separate letters to U.K. Economic Secretary Andrew Griffith and members of the Financial Conduct Authority and Payment Systems Regulator dated March 21, CryptoUK said many banks had begun imposing blanket bans on dealing with crypto firms “instead of taking a risk-based and case-by-case approach.” The proposed white list would allow registered crypto companies to conduct transactions with banks freely without limitations or the threat of bans.

“Many of the major UK banks have now put in place bans or restrictions, and we are concerned that other banks and Payment Services Providers (PSP’s) may also soon follow suit,” said CryptoUK. “We believe that government action is now warranted.”

CryptoUK and members write to Andrew Griffith & UK Regulators in relation to more UK banks introducing blanket limits or bans on transfers from customer accounts to #crypto exchanges. #CryptoRegulation

Click below to see the CryptoUK letters in full https://t.co/afujhJNCMK pic.twitter.com/sFMM1026hA

— CryptoUK (@CryptoUKAssoc) March 21, 2023

Under the U.K.’s Financial Conduct Authority, crypto services providers in the country must be registered and comply with Anti-Money Laundering regulations. Some U.K. banks, including HSBC Holdings and Nationwide Building Society, have reportedly banned crypto purchases for retail customers using credit cards.

Related:

Go to Source to See Full Article
Author: Turner Wright

Did you like this?
Tip BTC Newswire with Cryptocurrency