Crypto lobby group calls for UK ‘white list’ to prevent market restrictions


Lobby group CryptoUK has called for UK banks to be given a ‘white list’ of registered crypto firms to avoid firms in the industry getting ‘debanked’.

According to CoinDesk, CryptoUK sent this message in a group of letters sent to regulators this week.

The publication noted that concerns over legitimate crypto companies not being able to get access to a bank have spread to the UK, where major lenders say they discourage access to riskier financial products for their customers’ own good.

Su Carpenter – director of operations at CryptoUK – told Economic Secretary Andrew Griffith in the letter, “We are calling upon the government to find a path forward. Blanket bans and restrictions of transfers from U.K. banks to crypto asset platforms will have the effect of fundamentally undermining the government’s ambition to become a crypto asset hub.

Another letter parallel to this calls for action from two other regulatory agencies – the Financial Conduct Authority and Payment Systems Regulator.

The UK’s Financial Conduct Authority (FCA) recently made another move to crackdown on crypto ATMs by inspecting several sites in East London.

The joint operation with the Metropolitan Police inspected several sites. It stated that no crypto ATM operators are registered with the FCA, which is required for them to operate legally.

Following the inspections, the FCA will review evidence it has gathered and consider further action where necessary.

A crypto ATM allows users to buy or convert money into crypto assets.

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