Starling bank intensified its crackdown on customer crypto trading as the bank announced a block on all crypto transactions for customers, describing the activity as “high risk and heavily used for criminal purposes.”
Starling customers were sent a text message today which read: “We consider crypto activity to be high risk.
“We’ve taken the decision to prevent all card payments to crypto merchants and to implement further restrictions on outgoing and incoming transfers.”
Starling is the latest bank to impose restrictions on customer crypto activity, joining the likes of Lloyds, Barclays and RBS who have imposed a range of new measures including blocking credit card payments and blocking transactions with crypto exchanges.
It comes just two weeks after Santander set fresh limits on transactions in Bitcoin and Ethereum and warned of the risks of investing in crypto assets.
From the 15th of November, Santander mobile and online banking customers were restricted to a £1,000 limit for individual cryptocurrency transactions and a £3,000 cap on transactions in a rolling 30-day period. Payments sent to cryptocurrency exchange Binance will continue to be blocked, while payments from cryptocurrency exchanges, including Binance, will still be permitted.