I've been following the development in the UK in line with cryptocurrency for a while now, and I must say that I'm not so happy about most of the things I read. The hypocrisy of that nation is much, they could have just announced to the whole world that they've banned crypto instead of making life difficult for crypto enthusiasts by introducing unfriendly rules and preventing businesses around it by blocking exchanges and other business initiatives with sanctions.
Of course, it's not all their financial institutions, but once the strongest are doing so, how long would it take for more issues to arise?
Why UK banks are blocking transfers to and from crypto exchanges
As of 2023, many UK high street banks are blocking payments to and from major cryptocurrency exchanges such as Binance and Coinbase due to increased security concerns post the collapse of the FTX exchange.
Can you imagine? Banks claim to be blocking people and businesses because of the FTX collapse. How many banks have they stopped because of the ugly past of many UK banks that went insolvent?
The problem of one establishment out of many should never be a yardstick in judging others. For me, these banks are anti-crypto and their actions are high level of hypocrisy.
In the future, I think the UK gov should be cautious. We should be embracing Web3, like Hong Kong did, licensing the CEX, and updating the regulations. Change is inevitable.