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A UK-Based Digital Bank Suspends All Payments To Crypto Exchanges

Goldman_Sachs_backed_UK_Digital_Bank_Suspends_All_Payments_to_Crypto
  • UK-based digital bank Starling suspended all payments to crypto exchanges.
  • A spokesperson for the bank said that the measure is temporary.

Goldman Sachs-backed UK Digital Bank Starling announced it had suspended all payments to crypto exchanges.

Starling Bank is a digital challenger bank based in the UK. Besides, it centers on current and business account products. Headquartered in London, Starling Bank is an authorized and regulated bank. Also, it is backed by Goldman Sachs Group, Inc., a global financial institution.

According to the firm, the reason for the suspension is nothing else but crypto-related financial crimes. A spokesperson for the bank said that the measure is temporary. And it is intended to ensure customer protection. 

UK-based digital bank Starling, through the spokesperson, said,

This is not just an issue for Starling, but for all banks. We apologize for the inconvenience that this has caused for some customers; we will be reversing this measure as we roll out additional checks specifically for payments to crypto exchanges.

The bank stressed that financial crimes are affecting all banks. In addition, the firm said that it would roll out extra checks to ensure customer protection.

 Last month, a London-based digital bank, Revolut, offered 11 more tokens to its traders. They shared the news on their official blog, giving users an overview of the coins they’ve added support for.

The new tokens they’ve added are Cardano, Uniswap, Synthetix, Numeraire, Yearn Finance, Uma, Numeraire, Bancor, Filecoin, Loopring, Orchid, and The Graph. In light of the rising interest in crypto in 2021, these tokens have lately grown very popular.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.