According to news on March 26, cryptocurrency advocates said that many British cryptocurrency companies find it difficult to obtain banking services because many banks completely limit their interaction with the industry. With SVB, Silvergate, and Signature Banks out of business, U.S. crypto customers have had to find new banking partners. However, the United States is not the only country facing this dilemma.
The UK has crypto banking problems as early as 2021. Su Carpenter, director of operations at CryptoUK, wrote in a letter to Andrew Griffith, economics secretary at the Treasury: “Many major banks in the UK have now imposed bans or restrictions and we fear that other banks and payment service providers (PSPs) may soon follow suit. Emulate.”
CryptoUK is a lobby group advocating for digital assets. Investors also complained on Twitter that banks in the UK have been banning transfers to cryptocurrency exchanges.
Lisa Cameron, MP and chair of CryptoUK, said in a statement that crypto businesses have been unable to open bank accounts with Santander and NatWest Group, an issue she recently raised in Parliament.