British banks reluctant to work with cryptocurrency companies

A recent article by Financial Times has outlined the problem that the financial market of the United Kingdom has to solve as quick as possible. No, it’s not Brexit, although it is in everybody’s mind nowadays. The banking institutions of Great Britain seem to be in no hurry about collaboration with cryptocurrency startups. As the crypto market participants interviewed in the article note, it is now indeed very difficult to open a bank account in the UK if your business is connected with cryptocurrency — and this became a primary reason why entrepreneurs prefer to choose either countries where crypto climate is better (e.g. Japan) or offshore states. “The moment you mention crypto to a bank, it’s like you are a drug dealer”, says the head of Etoro, a company that operates with digital currency.

And what does the financial regulator responsible for this problem say? Turns out that in this case, contrary to the popular belief about governments always wanting to restrict anything financially beneficial, the FCA (Financial Conduct Authority) believes that these counter-measures taken by the banks are hurting the British economy and decrease competitiveness. One can guess, though, that statements are not enough in this situation. We should expect specific governmental recommendations for the banks of Great Britain to take vigilant, but not fully restrictive approach towards the cryptocurrency market.