UK Starling Bank To Resume Crypto Exchange Deposits In Late June

Categories: Market News | Published by: cryptoevent

02/06/2021

UK Starling bank to resume crypto exchange deposits in late June 2

The UK-based Starling Bank, which facilitates crypto-to-fiat trades in the UK, announced that they will resume deposits of fiat currency on their platform at the end of the month, after halting deposits last month. The announcement comes after the bank issued a notice on June 1st that all customers holding funds on the exchange platform will have their access temporarily suspended. Customers will be able to access their funds again on July 20th.

The UK will be the next country to resume crypto exchange deposits from UK Starling bank, after a ban on crypto deposits was lifted in the country in late May. It’s been about a month since the exchange ban was lifted and the bank has been busy reviewing the bank’s internal policies and procedures in order to resume crypto deposits to its UK-based customers. To make things easier for crypto users, the bank will allow fiat transactions to be done within the UK from June 12th onwards, while crypto deposits will be allowed from the same date onwards. (Source)

This has been a tough year for everyone who has taken part in Bitcoin and crypto mining. After a long time of continuous growth, cryptocurrency markets have been under an immense pressure. There were a lot of questions about whether this year would be the turning point for Bitcoin and its peers, but now we have received some good news.. Read more about when to buy bitcoin 2021 and let us know what you think. Starling, a UK-based online bank, is preparing to resume payments to crypto-currency exchanges after it suspended deposits on crypto-currency exchanges last week. A spokesperson for Starling told Cointelegraph on Tuesday that the bank plans to stop making payments to crypto-currency exchanges on June 23. after temporarily suspending the function as a measure to protect its customers. Last week, Starling blocked payments to certain cryptocurrency exchanges, citing strong suspicion of financial crime in payments to certain cryptocurrency exchanges. The bank said it would lift the measure after introducing additional controls specifically applicable to payments made on cryptocurrency exchanges. The spokesperson stressed that this action was not a problem for Starling, but for all banks, citing official comments from parliament on the legal status of crypto exchanges in the UK. John Glen, MP for Salisbury and Business Secretary to the Treasury, said last Friday that only five companies have been approved by the Financial Conduct Authority to operate cryptocurrency businesses in the country. According to the FCA’s official website, these include two Gemini-related companies, Gemini Europe Services and Gemini Europe, Diginex’s Digivault, cryptocurrency bank Ziglu and exchange Archax. Of the firms assessed so far, over 90% have withdrawn their bids following the FCA’s intervention. There are 167 crypto asset companies with great applications, Glen said. The regulator’s latest comments come after some UK banks, such as National Westminster Bank and NatWest, warned their customers about cryptocurrency fraud. Some users have reported that NatWest sent out a warning to its customers last Thursday. Crypto-currency alert on NatWest app pic.twitter.com/FZ235rYHN6 – Sam Shead (@Sam_L_Shead) May 27, 2021 According to a Telegraph report on Saturday, other UK banks such as Barclays and Monzo have also blocked money transfers to some cryptocurrency platforms. Barclays and Monzo did not respond to Cointelegraph’s request for comment.The UK’s Starling Bank has announced plans for the resumption of crypto exchange deposits. The bank’s Chief Executive Officer, James Rayner, mentioned in a post on the bank’s blog that it’s looking to return crypto deposits to customers. The bank claims it’s the only UK-licensed crypto provider that offers a deposit insurance scheme. The bank aims to complete the project by the end of June.. Read more about is cryptocurrency legal and let us know what you think.

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