UK Banks refuse services to DLT companies claims regulator

Europe Regulations United Kingdom

According to the U.K. Financial Conduct Authority companies implementing the distributed ledger technology (DLT) face difficulties accessing traditional banking services.

In its report, the Authority which tests “innovative products, services and business models” via a regulatory sandbox,  pointed to the example of its own testing framework being prevented from opening bank accounts.

The report expressed the agency’s concern over “what appear to be blanket refusals for certain kinds of applicant firms.”

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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