UK Bank NatWest Will Refuse Service to Crypto-Related Businesses

UK bank NatWest says will not accept corporate customers who deal in cryptocurrencies. The bank’s stance aligns with HSBC’s perspective on crypto.

April 22, 2021 | AtoZ MarketsUK commercial and retail bank NatWest has reportedly said it will not accept business customers who accept payments in cryptocurrencies.

Morten Friis, head of the bank’s risk committee, said on Wednesday that the bank was following a “cautious approach” to crypto, according to the report by The Guardian. NatWest has “no appetite for dealing with customers” whose business is backed by the exchange of crypto, according to Friis.

Among major UK businesses that would be affected by NatWest executive’s comments, are corporate client like Tesla that has announced plans to accept crypto payments. Also, the bank’s position on crypto could have significant implications for cosmetics firm Lush, which accepts crypto as a form of payment online, and pub chain Brewdog which accepts Bitcoin and Bitcoin cash at its Canary Wharf location in London.

Despite many banking giants such as Morgan Stanley and Goldman Sachs warming to crypto, the UK’s major players remain skeptical.

As AtoZ Markets reported last week, the Canadian branch of HSBC Bank has introduced a ban on trading in shares of companies holding cryptocurrencies in corporate accounts.

This was in response to a question about Coinbase’s public listing debut.

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