Despite the UK government’s push to establish the country as a hub for digital asset companies, banks in the country are reportedly reluctant to offer banking services to crypto firms. Multiple industry sources cited in a Bloomberg report said that traditional banks are stonewalling crypto firms.
SavingBlocks, a London-based firm that offers digital asset portfolios for passive investors, said that it had applied to nine banks for banking services but was turned down by seven outright. The remaining two banks required additional documentation, which the firm says was a months-long process.
SavingBlocks’ CEO Edouard Daunizeau declined to identify which banks he had approached but said his firm is seeking licenses in France where he thinks it will be easier.
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Bloomberg interviewed 12 crypto executives who said that they have faced a host of difficulties in securing banking services in the UK, ranging from having their applications rejected to getting buried in paperwork.
The report claims that crypto firms have taken their complaints directly to government in recent weeks. Crypto executives also pressed Economic Secretary to the Treasury Andrew Griffith on the issue of banking access at a meeting on 8 March.
Griffith reportedly told them that he would try to resolve the problem with lenders. A Treasury spokesperson said afterwards that government would continue to engage with stakeholders on “emerging issues” without commenting on specific of the meeting.