In the wake of the recent crypto exchange downfall, administrations, crypto entities and banks are making certain changes to the utilization of cryptocurrencies worldwide. The US and UK governments are taking legal action to implement crypto regulations in their respective states. Recently London-based Starling Bank announced that it would impose restrictions on crypto transactions.
“Better regulations are needed to protect the financial system after the collapse of the FTX cryptocurrency exchange,” the spokesperson of the Bank of England stated.
Starling, a digital bank, stated there is a high risk for digital assets in today’s crypto world. Many cyber attackers stole dollars worth of crypto assets from different crypto platforms. So the entity decided to ban the activities which are related to crypto on users’ cards. The users of Starling will no longer buy or sell digital assets from crypto exchanges.
The spokesperson of Starling stated, “we always review our position in r
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