Crypto

Starling Bank Bans Bitcoin Transactions Amid Crypto Crackdown

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Tarling Bank has stepped up its crackdown on customers crypto trade like bank announced a blocking of all crypto transactions for customers, describing the activity as “high risk and heavily used for criminal purposes”.

Starling customers received a text message today that read, “We consider crypto activity to be high risk.

“We have made the decision to prevent all card payments to crypto merchants and to put in place new restrictions on outgoing and incoming transfers.”

Starling is the latest bank to impose restrictions on customer crypto activity, joining Lloyds, Barclays and RBS which have imposed a range of new measures including blocking credit card payments and blocking transactions with crypto exchanges. .

It comes just two weeks later Santander has set new limits on Bitcoin and Ethereum transactions and warned of the risks of investing in crypto assets.

From 15e of November, Santander mobile and online bankingcustomers were restricted to a limit of £1,000 for individual cryptocurrency transactions and a cap of £3,000 for transactions over a rolling 30-day period. Payments sent to the Binance cryptocurrency exchange will continue to be blocked, while payments from cryptocurrency exchanges, including Binance, will still be allowed.

47% of UK banks do not allow customers to interact with crypto exchanges, according to personal finance comparison site finder.com.

A Starling Bank spokesperson said, “Starling has had varying degrees of restrictions on crypto transactions for some time, like many other banks. We recently tightened restrictions on incoming and outgoing transactions by card and bank transfer.

“Today’s message was to make sure customers who have made such transactions in the past, but not recently, are aware of this.

“The innovative technology and thinking behind cryptocurrencies has great potential benefits, however, at present they are high risk and heavily used for criminal purposes and as such we no longer support them. .”

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