UK Starling Bank Will Resume Deposit to Crypto Exchanges

Starling bank is preparing to resume sending deposits to cryptocurrency exchanges after suspending crypto exchange payments last week.

June 2, 2021 | AtoZ Markets – Starling, a UK-based bank, will restart depositing on cryptocurrency exchanges from 23 June following the rollout of an expanded payment verification process.

At the end of last week, AtoZ Markets reported that the online bank temporarily banned its clients from sending deposits to cryptocurrency trading platforms due to concerns about the "high level of alleged financial crimes associated with sending payments to certain cryptocurrency exchanges."

According to Alexandra Frean, director of corporate affairs at Starling, the ban was caused by problems that not only Starling, but all banks in the UK are facing.

Starling apologized to customers for the inconvenience caused and stated that users can still deposit to cryptocurrency exchanges using their Starling debit card. “The temporary ban will be lifted on June 23 after the introduction of an expanded payment verification process. The blocking affects only outgoing payments, incoming payments in pounds sterling are processed as before, ”said Friant.

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Social media users have also complained about similar blockages from the major bank Barclays and the online bank Monzo. A Barclays spokesman has previously denied such a ban, while Monzo declined to comment. Recall that in April, the Canadian division of HSBC bank tightened its policy on cryptocurrencies.

The bank banned clients from buying shares of public companies that own bitcoin on HSBC Invest Direct accounts.

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