London’s major banks are refusing to open corporate accounts for cryptocurrency fintech firm SavingsBlocks, according to Bloomberg sources.
This is not an isolated incident, as other crypto companies have faced similar issues when seeking banking services in the UK.
SavingsBlocks, which has approximately 200 clients, approached nine banks but was rejected by seven of them.
The two banks that agreed to work with SavingsBlocks have asked for additional information about customer transactions, indicating that the process is not straightforward.
According to CEO Edouard Daunizeau, traditional banks in the UK are generally unwilling to offer services to crypto firms, making it difficult to find a service provider.
The company is now looking to obtain a license in France, where it expects to face less resistance.
The current Chancellor of the Exchequer, Rishi Sunak, has expressed a desire to make the UK a cryptocurrency hub, but this goal is becoming increasingly challenging due to recent events.
Some banks have already imposed limits on the amounts that clients can transfer to crypto exchanges, and a crypto investor was recently convicted of drug trafficking in the UK.