Report: Banking Giant Natwest to Refuse Service to Businesses That Accept Cry...
The major retail and commercial financial institution National Westminster Bank (Natwest) has categorized cryptocurrencies as “high risk” and refuses to serve business customers who accept digital assets for payments. A Natwest board member, Morten Friis, explains the bank has no appetite for dealing with these types of customers as Natwest is taking a “cautious approach” toward this technology. Natwest Will Refuse to Do Business With Companies That Accept Cryptocurrencies Reports show that the popular UK-based financial incumbent and wealth manager Natwest is....
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U.K. commercial bank NatWest says it does not want to do business with clients and customers who deal in crypto. Corporate clients of NatWest may soon lose their banking relationship with the United Kingdom-based lender amid recent negative cryptocurrency-related policy statements.According to a report by The Guardian, Morten Friis, the head of the bank’s risk committee, has revealed that NatWest will refuse service to business customers that accept cryptocurrency payments.Friis made the bank’s position known during Wednesday’s shareholder event, stating:“We have no appetite for dealing....
Banks are struggling to provide around the clock customer support and services right now. NatWest wants to change that by opening a new branch with 24-7 automated banking facilities. However, Bitcoin has been offering its services around the clock for seven years now. Having access to financial services can be done through mobile or PC banking these....
A new report from bitcoin news website CoinDesk indicates that Capital Treasury Services (CTS) - a subsidiary of Capital International Group - is planning to sever ties with businesses operating in the digital currency space next month on the Isle of Man. Capital Treasury Services serves as, well, a treasury service for a large number of businesses. Working with large banks like HSBC, the service clears customer funds, but increased pressure from its banking partners have introduced some issues for these businesses that work in the cryptocurrency space. Quoted from CoinDesk, the following....
NatWest and other U.K. high street banks have ramped crypto curbs amid recent regulatory pressure on the sector. As the crypto crackdown continues in Britain, another high street bank has intensified its efforts to curtail its customers' use of digital assets. The Natwest Group has reportedly capped the daily amount its customers can send to cryptocurrency exchanges due to concerns over investment scams and fraud, according to a June 29 report from Reuters. However, it was not revealed what those new limits were in terms of fiat currency transfers.The temporary cap was imposed on June 24.....
If there was ever a doubt regarding how little innovation there has been in the financial sector over the past 50 years, the recent NatWest outage and HSBC payment issues are a fine example. The banking system as we all know it is struggling to keep up with new forms of technology, and the sector needs a major overhaul to say the least. While these issues took place, the Bitcoin network carried on like nothing happened. The final “back to school” weekend of 2015 has not been the best for financial institutions around the world. Two major banks faced serious problems, leading to an outage....