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By Capital.com News
Edited by Charlie Mellor
13:10, 24 November 2022
Starling Bank has restricted its customers from sending payments to cryptocurrency exchanges.
The digital challenger bank joined the likes of Halifax (LLOY), HSBC (HSBA), The Co-operative Bank, TSB, Metro Bank (MTRO) and Virgin Money (VMUK), which have put similar policies in place.
The London-headquartered bank’s decision from Tuesday came into effect immediately.
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“We always review our position in relation to financial crime,” the company explained its decision. It added:
Starling’s decision follows a similar move from the UK arm of the Spanish multinational bank Santander (SANe), which decided to block its British users from sending payments to crypto exchanges earlier this month.
Santander UK announced the policy prior to the collapse of crypto exchange giant FTX.
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“Keeping our customers safe from cryptocurrency scams is a top priority,” said Santander in a statment to Reuters at the time.
Starling and Santander UK’s restrictions mean that clients of a growing number of UK banks are restricted from sending assets to crypto platforms.
Only last month, personal finance comparison website Finder.com found that 47% of the UK’s major banks placed restrictions on payments to crypto exchanges. Finder.com asked 17 of the UK’s major banks about their policies around the subject.
The research, published by The Fintech Times, found that seven of the surveyed banks – Halifax, HSBC, The Co-operative Bank, TSB, Metro Bank and Virgin Money – did not allow their customers to send payments to crypto exchanges.
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