United Kingdom accuses private banks of preventing the growth of Blockchain companies

The financial regulator of the United Kingdom, the Financial Conduct Authority (FCA), has accused the financial institutions of the country of not rendering their financial services to the new technology companies based on Blockchain. These evaluations have been published in a new report that examines the result of the regulation project for this market, one year after its launch.

The FCA affirms that it has witnessed the denial of banking services first-hand to several companies related to the Blockchain technology. The obstacles have been placed on companies that want to take advantage of this technology to enter the payment sector, or become operators of electronic commerce.

According to the FCA, banks have applied these measures as commercial strategies, among other factors. In addition, it highlights its concern about the general refusals towards the Blockchain companies that request financial services from these banks. This could inevitably lead to poor competition in certain markets, since current banking practices pose risks to innovation.

The institution also said that if the companies linked to Blockchain can not protect their bank accounts, they probably can not meet certain conditions of authorization, and therefore will not be able to enter the market, not even to enter the tests of regulation of the Kingdom. United for these projects. Recall that this body recently published a warning about the ICOs linked to this type of technology companies.

On the other hand, the FCA affirms that the basis of the argument by which banks and financial institutions have refused to provide their services to Blockchain companies, lies in the apparent money laundering risks associated with this technology. The FCA rejected this argument, saying that it was not enough to eliminate such risks, while ensuring that the institution works to secure the financial ecosystem of the United Kingdom against these criminal schemes.