The agency's report clarifies that HSBC and Natwest have limited the amount of money that customers can transfer to crypto exchanges. Barclays has also suspended transfers to Binance in 2021.
As we know, British Prime Minister Rishi Sunak has grandiose plans to create a real crypto hub and promote mass adoption, but apparently the UK banks have other plans.
At the moment of development of the crypt, in any case, some fiat inputs and outputs from it are needed - this is indisputable. And this is currently the main tool of pressure on the cryptocurrency industry.
Several cryptocurrency company executives have reported problems working with banks in the UK. Problems ranged from excessive paperwork and bureaucratic hurdles to rejected applications, according to the report.
Geoff Hancock, CEO of London-based crypto exchange Coinpass, said limited access to banking services "is hampering any efforts to make the UK the crypto hub that Rishi and the government say they want."
As a result of this “economic repression,” cryptocurrency companies are turning to payment service providers such as Stripe and Wise. However, they are also subject to financial regulations that often restrict them from working with cryptocurrency companies.
Economy Secretary Andrew Griffith said in early March that the Treasury would "look to resolve this issue with creditors." Well? You think not everything will be sweet, right? Let's see.