Leading banks such as Barclays have all blocked their customers from transferring funds to cryptocurrency exchanges amid Financial Crime Fears.

This is after the reports that, of the total social media investment scams last year (which is a total of 60 million Euro) half are involving cryptocurrencies.

Recently, Barclays, Monzo and Starling customers have been unable to transfer funds to popular platforms like Binance and SwissBorg. Representatives at Starling have stated the measure is temporary, put in place for the protection of their customers. They also said they would reverse the measure once they can introduce additional checks for transfers to crypto exchanges.

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