Cryptocurrency blow, two neobanks ban Binance

Cryptocurrency blow, two neobanks ban Binance
Cryptocurrency blow, two neobanks ban Binance

Three large banks have banned everything payment and transfer to several exchanges of cryptocurrencies. Information relayed by Crowdfund Insider reports a large-scale blockage for millions of customers from Barclays but also the neobanks Monzo and Starling Bank.

These British establishments have reportedly reacted to the numerous cryptocurrency scams that have affected individuals in recent months. Since the start of the year, a study pointed out by our colleagues has estimated the total amount withdrawn through scams at 60 million pounds sterling, or nearly 70 million euros.

At this time, we do not yet know if the state has put pressure on the establishments to come up with such sudden measures.

“Temporary” measures

Starling Bank is a neobank close to the Revolut model with nearly 2 million current accounts open. She was the most transparent about the situation. Its customers can no longer make transfers or payment by bank card to platforms “Like Binance or Swiss Borg”.

Its management said that the current blocking measures concerned all of its customers. However, these would only be “temporary measures” and in order to protect customers. Difficult to understand how such a decision would be only temporary, and for How long Starling Bank will ban these popular cryptocurrency buying platforms.

Monzo et Barclays will follow the same measure and Crowfund Insider recalls that the current context in England vis-à-vis cryptocurrencies is very tense. Bank of England Governor Andrew Bailey earlier said cryptocurrency could show itself “Dangerous”. In parallel, 10 million UK residents own digital assets in 2021 (an increase of 558% since 2018).

Since mid-May, many individuals will also have lost very significant sums as doubts have won over the markets. Bitcoin’s price correction took the king digital token from nearly $ 58,000 to $ 35,000, for a 37% drop that has erased hundreds of billions of dollars.

In the sector of stock market investment platforms, the same phenomenon is observed In the opposite way. For example, the Dutch platform Degiro, available in France, refuses its clients to receive funds from certain neobanks such as Revolut and N26.

 
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