UK-based digital bank Starling has disclosed that it has decided to stop its customers from sending money to cryptocurrency exchanges. The bank has revealed that it has taken this step because of the criminal activities related to such payment. The restriction which the bank has imposed are temporarily to get the time to stop these malicious activities.
Starling Bank disclosed that it will reverse the decision once it implements the new checks to screen payments to cryptocurrency exchanges. Bank didn’t disclose when will the services be restored and customers are allowed to send money to cryptocurrency exchanges.
Bank’s representative revealed that this is not just a problem for Starling Bank, but all the banks are encountering these issues. Bank has apologized for the annoyance and disclosed that it will soon restart the services. Starling is not the only bank that blocks the services, but other UK banks have also imposed the restriction.
Furthermore, Starling explained that it at this time doesn’t permit users to send payments to crypto exchanges, clients are still permitted to extract their money from crypto exchanges to their accounts with Starling.