UK Not West Bank Announces Willingness to Deny Service to Business Customers Accepting Cryptocurrencies

NatWest rejects business customer service that pays with cryptocurrencies such as Bitcoin, which is classified as’high risk’ by UK lenders. This was reported by the British Daily Guardian on the 21st (local time).

NatWest director and risk committee chairman Morten Frisse said the bank “is taking a cautious approach to cryptocurrencies,” and “we will be closely monitoring the tone change in UK regulators.”

Fris said at an online shareholder event on the 13th.

“We have no intention of providing services to corporate clients that are primarily involved in cryptocurrency transactions or cryptocurrency remittances. Whether they are new or existing customers. Cryptocurrencies are considered high risk and we are taking a cautious approach for this reason.”

“This is a highly regulated area, and we will respond as the situation changes,” he added.

NatWest’s position could mean turning away from major customers who recently announced plans to combine cryptocurrency payments, debit, credit card, and cash payments. Notable companies with such plans include cosmetics company Lush, shared office company WeWork, and electric vehicle conglomerate Tesla.

Meanwhile, the UK Financial Action Authority warned investors in January that “if you invest in a plan that promises high returns in digital currencies like Bitcoin, you must be prepared to lose all your money.”

(NatWest will refuse to serve business customers who accept payment in cryptocurrencies such as bitcoin, which the UK lender has categorised as “high risk”.)

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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.