Crypto companies are facing difficulties accessing banking services in the United Kingdom.
Highlights
- Cryptologists are facing difficulties accessing banking services in the United Kingdom.
- The few banks still working with crypto firms are requesting more documentation and information about how they monitor clients’ transactions.
- Venture capital investment in digital asset companies reportedly dropped 94% to $55 million in 2023 in the U.K., according to data from PitchBook, against a 31% increase in other countries in Europe.
- Crypto companies are turning to payment service providers such as BCB Payments and Stripe to maintain business operations in the country.
- The Financial Conduct Authority proposed in February a set of rules that could subject executives of crypto firms to two years in prison if they don’t meet certain conditions related to promotion.
Read the original article
Arbitrum sells tokens amid 77% disapproval, claims DAO governance 'working as intended'