Summary
- Major banks in the UK said they are blocking or delaying about 40% of transfers headed to crypto exchanges.
- Eight of the top 10 centralized crypto exchanges surveyed said cases of bank transfers being blocked or delayed rose noticeably over the past 12 months.
- UKCBC said users of virtual asset services are being excluded from traditional financial services due to broad-based regulation and banks’ restrictions on crypto-related financial services.
A survey has found that major banks in the UK are blocking or delaying about 40% of transfers headed to virtual asset (cryptocurrency) exchanges.
According to Cointelegraph, a virtual asset-focused media outlet, the UK Cryptoasset Business Council (UKCBC) said so in a recently released report on the 26th (local time). The report was based on a survey of the top 10 centralized virtual asset exchanges in the UK.
The survey found that eight of the 10 exchanges said instances of customers’ bank transfers being blocked or delayed had risen noticeably over the past 12 months. By contrast, none said the problem had eased.
In the report, UKCBC said, "Broad-based regulation is acting as a key obstacle to the growth of the UK virtual asset industry," adding, "While the industry is working to address crypto-related fraud, banks are restricting crypto-related financial services on the grounds of regulatory compliance."
It added, "As a result, users of virtual asset services are effectively being excluded from traditional financial services."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
