The leader of development for Circle in the European market has denounced the British banking industry’s rejection of cryptocurrency companies, arguing that it infringes on the rights of regular customers.
Speaking at the Citi Symposium on Digital Assets, Teana Baker-Taylor claimed that the UK banks’ efforts to restrict customer access to cryptocurrencies are contrary to the principles of consumer protection.
By declining to establish bank accounts for crypto firms or placing limits on transactions involving digital assets, banks are preventing individuals from using their services simply because of their decision to buy legal crypto assets.
“Even ordinary users of cryptocurrencies are being rejected by banks, and are unable to access financial services. This is completely wrong and goes against consumer protection,” Baker-Taylor remarked.
A Circle executive cited various examples of users who were temporarily locked out of their accounts when attempting to purchase cryptocurrencies.
In February, Alison Rose, the CEO of British banking giant NatWest Group, announced that the bank has a hardline stance on cryptocurrencies, which is why it has placed restrictions on digital asset transactions for both retail and wealthy customers.
In early March, Nationwide and HSBC, two of the country’s largest banks, implemented stringent measures against cryptocurrencies, forbidding customers from using payment cards to make purchases on cryptocurrency exchanges.