UK Banks Hinder Government's Crypto Plans
Crypto companies are facing difficulties accessing banking services in the United Kingdom, with many banks rejecting applications, freezing accounts, and requesting more documentation. This goes against Prime Minister Rishi Sunak's plans to make the UK a global crypto hub. The situation is worse in the UK than in the EU, where efforts to establish a framework for digital assets are making banks more receptive to crypto firms. Venture capital investment in digital asset companies in the UK has reportedly dropped 94% to $55 million in 2023. Crypto companies are turning to payment service providers to maintain business operations in the UK.