Following the footsteps of the United States, crypto firms in the United Kingdom are also facing challenges in accessing banks. Reports suggest that UK banks are reluctant to work with crypto companies, making it increasingly difficult for them to access cash. Bloomberg notes that several banks, including HSBC, are hesitant to work with the sector. Meanwhile, the suspension of official NFT plans in the country adds to the growing concerns of crypto customers in the UK.
The move comes as the US continues to ramp up its regulatory pressure on the crypto industry. Last week, the head of the SEC, Gary Gensler, met with his Canadian and British counterparts, sparking rumors that the aim was to corner the sector. Fox Business reporter Eleanor Terrett had earlier reported that the meeting aimed to squeeze the crypto industry. The recent developments in the UK suggest that Terrett may have been right. The reluctance of UK banks to work with crypto firms is indicative of the country's shift away from its goal of becoming a hub for cryptocurrencies.
The situation is further complicated by the fact that the UK banks that do work with crypto firms are reportedly making it difficult for them to access their services. Banks are said to be demanding more information and documentation from the firms, making it increasingly difficult for them to operate. The current regulatory environment in the UK is likely to have a significant impact on the growth and development of the country's crypto sector in the coming years.
