Denemek ALTIN - Özgür

British businesses fear US-style wave of crypto 'debanking'

The Observer

|

May 04, 2025

A senior employee of a publicly listed, UK-registered crypto company struggles to get a mortgage because his salary is paid by a crypto business.

- Jeevan Vasagar

British businesses fear US-style wave of crypto 'debanking'

A British high street bank bars all outbound payments to crypto exchanges. A Cambridge University spin-out is rejected for a business bank account.

Add those stories up and there is a strong whiff of “debanking” - a claim that has been incendiary in the US.

A survey of UK businesses conducted by startup and cryptoasset industry groups suggests there is substance to the claims; out of about 80 companies that responded, half had been rejected for a business bank account or had an account closed.

One company said it had been rejected by a high street bank because of its profile, despite the fact that it was already registered with the Financial Conduct Authority (FCA), which means the FCA supervises it for money-laundering and counter-terrorism financing risks.

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