Starling blocking crypto transactions

Looks like Starling have issued a blanket block on transfers to crypto exchanges.

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The right move to make. I suspect they will also start reviewing accounts with recurrent crypto transaction to protect them as a bank from getting in trouble from the FCA for facilitating financial crime

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Not sure if that refers to transfers only or transfers and debit card payments? I successfully made two debit card payments a couple of days ago to Binance which went through fine.

Does anyone know whether traditional/high street banks have similar restrictions? Might start using my old fashioned accounts more if Starling and Monzo continue restricting how I can spend my money (and I don’t want to risk an account freeze!).

Terrible move to make without notifying customers in advance. On crypto exchanges if you’ve only topped up with debit card, you’re never going to be able to withdraw any funds on there as part of their KYC and verification is getting a bank transfer from the account you want to withdraw to

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There’s a way to avoid this if using Coinbase - with any bank :eyes:

Previous URL removed to protect the innocent

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I’m all ears….!

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You should be all eyes instead :point_up_2::point_up_2: :wink:

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I’m sorry, I must be being a bit slow today. Care to explain? :joy:

Once you realise how I’ve already informed how to do it, it’ll hit you right between the eyes :point_up_2::point_up_2::point_up_2::point_up_2:

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Eye see what you did there!

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Right, very nicely done :joy: Problem is, the account details that can be obtained using that method still clearly belong to Coinbase, so I’d expect Starling’s new crypto block to include that as well?

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:joy: nice to see I’m not the only person to have hidden links behind emoji before!

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The difference is there’s no direct link to Coinbase. If you add a bank account in Coinbase, it is a direct link to Coinbase and if you use this method to top up your GBP portfolio in Coinbase, Coinbase requests money from your account. So banks are alerted to it.

If you transfer some money to a UK-bank account, after going through the usual ‘do you trust the recipient…’ checks, non-one is any wiser.

Except for when this post is passed around the internal comms of banks that is.

Do I have to tap every emoji you post now? :laughing:

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Out of interest, what do you get when you type the sort code obtained via that method into a sort code checker? What institution comes up?

I’ve done it a few times over the years on Monzo. I don’t think anyone ever found them! :laughing:

Starling have been clamping down on his for months now, it’s nothing new as such.

They must just be accelerating those blocks

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HSBC have restrictions on crypto as does (I believe) Barclays. Not sure about others.

It’s incredibly easy to exit the proceeds of crime via crypto exchanges and once the funds have gone, they’re essentially untraceable.

Did it loads too - all sorts of hidden gems :eyes:

If Starling wish to do so, they can just block the Coinbase sort code from their systems.

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