UK starling Bank blocked Crypto exchange deposits last week. The bank cited high levels of suspected financial crime with payments to some cryptocurrency exchanges due to the block.
Starling is an online bank in United Kingdom. The bank is about to resume the Crypto exchange deposits in late June. In addition, the bank said that it would reverse the measure after adopting additional checks specifically for payment to Crypto exchanges.
A spokesperson of Starling spoke to Cointelegraph on Tuesday. He said that the bank is ready to restart payments to Crypto exchanges on June 23. After that, however, they suspended the feature as a measure to protect its customers.
He also stressed that the action was not an issue for Starling but all banks. He also referred to official parliamentary comments regarding the legal status of crypto exchanges in the United Kingdom.
John Glenn is a member of the UK Parliament for Saulsbury and economic secretary to the treasury. He said that only five companies were authorized by the Financial Conduct Authority to operate a Crypto business in the country.
Moreover, FCA official website data says that these companies include two Gemini affiliated firms, Gemini Europe services and Gemini Europe, Diginex’s Digivault, Ziglu bank, and Archax exchange.