Crypto firms in the UK are facing difficulties obtaining banking services as banks reject their applications, freeze their accounts, and demand additional paperwork, according to sources cited by Bloomberg. The departure of US-based lenders Silvergate Capital, Signature Bank, and Silicon Valley Banks has exacerbated the situation. Despite Prime Minister Rishi Sunak's efforts to establish the UK as a digital asset hub, local banks are hindering this objective. Some companies have lodged complaints with the government, while others have been rejected by the majority of the lenders they approached. HSBC Holdings and NatWest Group have also restricted the amount of money clients can move into crypto exchanges.

(By Mandy Williams)