The United Kingdom has recently unveiled its aspirations to become a major global hub for the burgeoning cryptocurrency sector. Despite new measures implemented to enhance the UK’s market infrastructure, regulations, and consumer protection; the success of this ambition appears to be offset by increasingly hostile banking services against crypto firms.

Recently, reports have revealed that the crypto fintech SavingBlocks has been refused an application for a corporate bank account by seven banking service providers in London. This follows a similar story for the company's CEO Edouard Daunizeau, who struggled for months to receive an agreement from two banks after the initial proposal. Daunizeau explained that established banks prove reluctant to offer services for crypto firms, claiming that alternative licensure attempts in France held more chance of success.

The ambitions to become a crypto hub were spearheaded by the UK’s Prime Minister Rishi Sunak, who declared the measures they had outlined would enable investment and growth. Unfortunately, almost immediately, some banks implemented a new regulation imposing restrictions on money that customers could transfer to crypto exchanges. Executives in the UK cryptospace spoke out to highlight the various issues faced, with banks being especially hostile whilst raising complaints with Sunak’s government.

Accordingly, these events pose a significant challenge in the UK’s attempt to become an internationally-respected leader in the cryptocurrency sphere. Whilst the premier has made it clear that the nation supports innovation and adapts to the times, the magnitude of the issue surrounding hostile banking services puts the goal of a global crypto hub into jeopardy.



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