The british businesses of crypto-currencies are forced to conduct their banking transactions outside of the United Kingdom

Banks are concerned that the sector crypto-currencies used by scammers. Thus, they avoid the companies that manage the virtual currency. The british banks cause nowadays a lot of companies specialized in the field to open accounts in Gibraltar, Poland and Bulgaria.

This situation is prompting some to question the ambitions of the United Kingdom to be a world leader on the market of crypto-currencies. The investor interest in bitcoin and other digital currencies has been enormous after the considerable rise of their prices this year. In addition, traditional banks are clear of the area.

Closing of bank accounts of the companies of crypto-currencies

James Godfrey, head of capital markets at BlockEx, a company of trade of crypto-currencies, stated that no banking institution will not accept the opening of an account in the United Kingdom. He indicated that Metro Bank has recently closed his account in England, forcing him to open another account in Bulgaria to be able to continue its activities.

Philafrenzy, Wikimedia Commons

Godfrey explained that this issue had prompted the company to go to another place more welcoming, such as Toronto. Mark Carney, governor of the central bank, had said a few days earlier than the Fintech was not sufficient.

No comment from the Metro Bank

Michael Hudson, general manager of the company investment of Bitcoin, Bitstocks, said that it was impossible to get a bank account in the United Kingdom. The company is now planning to go to Poland and Gibraltar. The FCA is concerned about the impact of this reluctance of banks to open accounts for some of the fintechs.

In recent years, dozens of companies were launched on the market of crypto-currencies, fuelled by a dramatic increase in the value of bitcoin and other digital currencies. The market value of all crypto-currencies is increased from less than 30 billion dollars, six months ago, more than 160 billion dollars.

Source : FinancialTimes