Payments from crypto platforms are not acceptable for UK Bank Starling! Starling Bank has informed its customers that the bank does not support money transfers on cryptocurrency platforms, including crypto exchanges. The bank said that cryptocurrencies “are a big risk and are often used for crimes and that’s why we don’t support them.”
Starling Bank blocks money transfers on crypto exchanges
Starling Bank, based in London, recently told its customers that the bank does not support money transfers on cryptocurrency platforms, including crypto exchanges. Several people have asked the bank for an explanation on Twitter. Starling Bank has given the same response to all customers for the past two days, stating that crypto operations are considered high risk and that it has decided to block all card payments to crypto customers. The bank added that it is putting new restrictions on outgoing and incoming transfers.
The bank’s decision was not liked by many. Some said they have closed their bank accounts due to this change. One person tweeted at the bank: “Why are you deciding what a customer can or can’t do with their money?”
A spokesperson for Starling Bank was quoted by the company as saying, “Starling has had various restrictions on crypto transactions for some time, like many other banks. Recently, We have imposed restrictions on import and export transactions by card and bank transfer. The spokesperson added: “The innovative technology, and thinking, behind cryptocurrencies have great potential advantages. However, right now, they are high risk and heavily used for criminal purposes and, as such, we no longer support them.”
Starling is one of the latest banks in the UK to ban consumer crypto services. According to Finder.com, 47% of UK banks do not support transfers on crypto exchanges. Other banks, including Lloyds, Barclays and RBS, have also ordered a number of restrictive measures, including blocking credit card payments and transactions on crypto exchanges.
Last week, Santander Bank began limiting customer transfers in crypto exchanges to 1,000 pounds ($1,209) per transaction and 3,000 pounds in every 30-hour period for transfers through mobile and online banking . The bank will also ban UK customers from sending instant payments made at branches and via phone, internet or mobile to crypto exchanges from next year.
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