UK’s Starling Bank to Lift Ban Blocking Payments to Crypto Exchanges in 3 Weeks

The U.K.'s Starling bank said it will resume cryptocurrency exchange deposits on June 23 after the bank installs an enhanced payment review process.

Starling took temporary measures to suspend deposits on Saturday over concerns about “high levels of suspected financial crime with payments to some cryptocurrency exchanges,” Alexandra Frean, the chief corporate affairs officer at Starling, said in an emailed statement.
Frean told CoinDesk the issues that led to the ban are not just an issue for Starling but for all U.K. banks. Starling apologized for the inconvenience caused to customers and said users can still make outbound payments to cryptocurrency exchanges with their Starling debit card.
“The suspension will lift on 23 June following the introduction of an enhanced payment review process. The block only affects outbound payments, inbound payments in GBP are unaffected,” said Frean.
Users have also complained on social media about similar blocks by high-street bank Barclays and online bank Monzo. A Barclays’ spokesperson earlier denied that such a ban was in place while Monzo declined to comment.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Tanzeel Akhtar

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.