British Chase Bank to halt transfers to crypto startups

From October 16, the second-largest by assets in the United Kingdom, Chase Bank, will stop processing payments to crypto companies due to an increase in fraud cases related to digital assets. CoinDesk reports this.

“We will reject such transfers,” the bank said in a letter to customers.

The bank’s staff advised in such cases to use third-party providers.

The publication notes the difficulties locals face in finding crypto-friendly organisations. FCA has even initiated discussions between crypto industry participants and TradFi to improve the situation.

Earlier, similar bans were imposed on HSBC and Nationwide, followed by Lloyds and Starling Bank.

With the introduction of new rules for promoting digital assets, the Bybit exchange announced its exit from the UK market.