UK-based bank Starling has stopped its customers from trading crypto with their cards.
Starling has restricted card crypto transactions after FTX was plunged into bankruptcy by a liquidity crisis. The recent restrictions aren’t the first time Starling has blocked crypto-related activities. The bank temporarily suspended payments to crypto exchanges in May 2021 due to similar concerns. Starling then resumed crypto exchange trading after about a month.
British Bank Stops Crypto Transactions
Starling has suspended card purchases of other cryptocurrencies, primarily Bitcoin (BTC).
The online bank said on Twitter that it is halting operations, citing the perceived high risks of crypto trading. The bank also described cryptocurrencies as “high risk and heavily used for criminal purposes.”
https://twitter.com/StarlingBank/status/1595095825884930050
Here’s Starling’s statement on Twitter:
“We are always reviewing our position regarding financial crimes. We consider crypto activities to be high risk. We have made the decision to block all card payments to crypto merchants and impose more restrictions on outgoing and incoming transfers.”
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