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Home » News » CoinCorner comments on lack of support from UK banks following CryptoUK Business Banking Survey

July 30 2019

CoinCorner comments on lack of support from UK banks following CryptoUK Business Banking Survey

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CoinCorner’s CEO, Danny Scott, commented:

A recent survey by CryptoUK revealed that nearly “three-quarters of UK-based crypto businesses have been forced to bank abroad due to the difficulty in opening a bank account locally.”

At CoinCorner, we’re not surprised to learn that the number of businesses in the cryptocurrency industry having difficulties opening a UK bank account is so high.

Despite having operated in the space for more than 5 years, being able to access and benefit from UK banking services has always been a challenge. Until recently we, like many others, have had to work with a European banking partner in order to continue operating our business.

The lack of support from UK banks has been difficult, but the positive news is that the ice is beginning to melt and they are starting to warm to Bitcoin businesses. In fact, after 5 years of rejected applications, we were happy to announce support for UK banking services earlier this year. This means that customers using our services can withdraw their funds in GBP via Faster Payments bank transfer and directly into their UK bank.

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