{"id":233019,"date":"2021-04-22T13:29:25","date_gmt":"2021-04-22T10:29:25","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/another-uk-bank-serves-anti-crypto-notice-to-customers\/"},"modified":"2021-04-22T13:29:25","modified_gmt":"2021-04-22T10:29:25","slug":"another-uk-bank-serves-anti-crypto-notice-to-customers","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/another-uk-bank-serves-anti-crypto-notice-to-customers\/","title":{"rendered":"# Another UK bank serves anti-crypto notice to customers"},"content":{"rendered":"

“# Another UK bank serves anti-crypto notice to customers <\/strong>”
\n<\/p>\n

Corporate clients of NatWest may soon lose their banking relationship with the United Kingdom-based lender amid recent negative cryptocurrency-related policy statements.<\/p>\n

According to a report<\/a> by The Guardian, Morten Friis, the head of the bank\u2019s risk committee, has revealed that NatWest will refuse service to business customers that accept cryptocurrency payments.<\/p>\n

Friis made the bank\u2019s position known during Wednesday\u2019s shareholder event, stating:<\/p>\n

\u201cWe have no app<\/a>etite for dealing with customers, whether taking them on as new clients or having an ongoing relationship with people, whose main business is backed by an exchange for cryptocurrencies, or otherwise transacting in cryptocurrencies as their main activity.\u201d<\/p><\/blockquote>\n

Friis\u2019 comments echo similar sentiments recently attributed to HSBC, another U.K. bank, that used identical statements in announcing its decision to bar customers from buying MicroStrategy stock. HSBC\u2019s anti-crypto stance also saw the bank refuse to allow account holders to deposit profits from cryptocurrency exchanges earlier in the year.<\/p>\n

According to Friis, the bank\u2019s decision is borne out of the need to proceed cautiously with cryptocurrencies, given the emerging nature of the industry\u2019s regulatory landscape. The NatWest board member added that the bank will continue to monitor the evolution of cryptocurrency regulations from the U.K. Financial Conduct Authority.<\/p>\n

Back in March, the FCA mandated all U.K. crypto firms to begin submitting yearly financial crimes reports.<\/p>\n

Meanwhile, the NatWest executive\u2019s comments could have significant implications for corporate clients like WeWork and\u00a0Tesla\u00a0that have announced plans to accept crypto payments.<\/p>\n

In addition to withholding banking services to corporate clients involved in crypto, Friis also stated that NatWest will increase its financial crimes scrutiny for personal account holders dealing in cryptocurrencies.<\/p>\n

Friis pointed to the money laundering and illicit financial activities as justification for its increased security checks on individual clients engaging in crypto activities. <\/p>\n

However,\u00a0numerous studies\u00a0notably show that criminal activities only constitute a minute proportion of global cryptocurrency commerce.<\/p>\n