UK Bank Starling Bans Crypto Exchange Deposits

The British bank Starling has recently banned deposited from internal bank accounts to all cryptocurrency exchanges. The bank stated that the decision was “due to suspected financial crime.”

Starling is a mobile-only bank, which has been voted to be the best British bank in the British Bank Awards of 2018, 2019, 2020. Now, they have banned deposits to cryptocurrency exchanges for security reasons. However, withdrawals from cryptocurrency exchanges to Starling bank accounts are still possible.

Starling commented the following:

This is a temporary measure that we’ve taken to protect customers, having observed high levels of suspected financial crime with payments to some cryptocurrency exchanges. This is not just an issue for Starling, but for all banks.

Starling

The continued to say that they will “[…] roll out additional checks specifically for payments to crypto exchanges.”

Other UK based banks continue to continue to support deposits to crypto exchanges.

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