British Chase will stop transfers in favor of crypto startups

United Kingdom Great Britain
United Kingdom Great Britain

From October 16, the UK’s second largest bank by assets, Chase Bank, will stop processing payments to crypto companies due to “an increase in fraud related to digital assets.” CoinDesk writes about this.

“We will reject such transfers”says the letter to clients.

Bank employees recommended using third-party providers in such cases.

The publication notes the difficulties local citizens face in finding industry-friendly organizations. FCA even initiated discussions between participants in the cryptocurrency industry and TradFi to improve the situation.

Previously, similar bans were introduced by HSBC and Nationwide, followed by Lloyds and Starling Bank.

Let us remind you that, against the background of the entry into force of new rules for the promotion of digital assets, the Bybit exchange announced its withdrawal from the UK market.

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