Despite the UK government’s promotion of the country as an ideal jurisdiction for digital asset firms, banks are still stonewalling crypto companies, according to a Bloomberg report citing multiple industry sources.
SavingBlocks, a London-based firm that offers digital asset portfolios for passive investors, has been in business for over a year but has yet to secure basic banking services after applying to nine different banks.
Seven of the banks turned down CEO Edouard Daunizeau outright, while the other two demanded additional documentation describing the processes he uses to screen clients’ transactions.
Daunizeau declined to identify the banks he approached but said that the firm is now seeking licenses in France where it believes it will be easier to secure banking services.
Crypto executives have raised the issue of banking access with the UK Treasury, and Andrew Griffith, Economic Secretary to the Treasury, has said that he will try to resolve the problem with lenders.