Banks from traditional finance in the United Kingdom (UK) have hardened their policies related to the cryptocurrency market. Some banks have reportedly closed accounts that interacted with centralized exchanges or are from crypto-related companies.
A report published by Recap on October 19 uncovered that 38% of crypto investors within the UK have switched banks. This migration mostly occurred in response to stricter cryptocurrency policies.
“Overall, the results found that 38% of investors have changed banks due to cryptocurrency policies. Of the remaining respondents, 22% have also strongly considered it. One respondent claimed to have their entire bank account blocked, including all cards and mobile banking facilities, because of a large amount of money that came in through cryptocurrency – others switched exchanges to ones more supported by banks.”
— Dan Howitt, for Recap
Most crypto-friendly banks. Source: Recap
While each has its policies regarding cryptocurrency, the consensus is that they provide a more receptive environment for digital asset transactions, varied trading, and investment. Which is commended by crypto investors.
The quest for more crypto-friendly banks is causing a reshuffle in the UK financial ecosystem. A trend worth monitoring for its potential impacts on the financial landscape.
