What's Hot

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      First Citizens to Buy Silicon Valley Bank

      News March 27, 2023
      Recent

      First Citizens to Buy Silicon Valley Bank

      March 27, 2023

      Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

      March 27, 2023

      Africa Moving to Crypto as Alternative to US Dollar

      March 27, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»UK-based Starling Bank Bans Crypto Card Payment Citing Security Issues
    News

    UK-based Starling Bank Bans Crypto Card Payment Citing Security Issues

    Anietie DavidBy Anietie DavidNovember 24, 2022Updated:November 24, 20221 Comment2 Mins Read
    UK-based Starling Bank Bans Crypto Card Payment Citing Security Issues
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Starling bank bans crypto card payments and deposits stating that cryptocurrencies are high risk and heavily used for criminal purposes.

    The most recent financial institution to ban crypto-related transfers and activity for its cards is Starling, a digital bank with headquarters in the United Kingdom. Customers of Starling won’t be able to buy cryptocurrencies like Bitcoin (BTC) any more, nor will they be able to accept incoming transactions from crypto exchanges or businesses.

    The online bank made the announcement on Twitter in a statement to customers, citing the alleged significant dangers associated with trading cryptocurrencies.

    A customer of Starling Bank received notice that the bank no longer accepts cryptocurrency transactions. The client subsequently tweeted a query to the bank, to which they received a response saying that the bank is reevaluating its stance against financial crimes and views cryptocurrency activities as “high risk.” The bank has imposed further limitations on ongoing and incoming transactions.

    Hi there 👋 We always review our position in relation to financial crime. We consider crypto activity to be high risk. We’ve taken the decision to prevent all card payments to crypto merchants and to implement further restrictions on outgoing and incoming transfers.

    — Starling Bank (@StarlingBank) November 22, 2022

    The bank also described cryptocurrencies as “high risk and heavily used for criminal purposes.” A spokesperson added that the bank has had restrictions of “varying degrees” on transactions related to cryptocurrency for some time. 

    Starling Bank Crypto Crackdown Continues

    The bank’s actions coincide with the ongoing industry scandal involving FTX, one of the largest cryptocurrency exchanges in the world, which is accused of stealing customer cash alongside its sister company Alameda. The business owes its 50 largest creditors a combined sum of more than $3 billion, according to FTX’s bankruptcy petition, while the overall number of creditors is allegedly over 1 million investors. Some people in the crypto world think that putting limitations in place is not the answer.

    3:

    While it is understandable to block individual transactions that banks believe are outright fraud…

    banning legitimate transactions involving an entire industry is unacceptable.

    — Sovryn | DeFi for Bitcoin (@SovrynBTC) November 24, 2022

    The most recent limitations are not the first time Starling has strictly enforced regulations regarding crypto-related transactions. In May 2021, the bank temporarily stopped making payments to several cryptocurrency exchanges due to similar worries, claiming “high levels of suspected financial wrongdoing.”Starling subsequently resumed crypto exchange operations about a month later.

    Blockchain Starling Bank
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleNew York Bans Bitcoin Mining
    Next Article Crypto Community Spit Fury as SBF is Set to Speak at NYT BookDeal Summit
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    View 1 Comment

    1 Comment

    1. Pingback: 3Commas Admits to API Database Leaks After Initial Denials

    Leave A Reply Cancel Reply

    Top Posts

    New Crypto Mining Bill in Russia Mandates Earnings Reports

    March 10, 2023

    India Pushes Anti-money Laundering Regulation for Crypto Transactions

    March 8, 2023

    Zambia Explore Crypto Regulatory Framework 

    February 20, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.