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UK Banks Turning Away Crypto Clients, Straining Industry Growth Plans

Crypto companies in the UK are facing difficulty accessing banking services as banks request more documentation and information about monitoring client transactions. This is going against Prime Minister Rishi Sunak's plans to make the UK a global crypto hub. Venture capital investment in digital asset companies reportedly dropped 94% to $55 million in the UK so far in 2023, with crypto companies turning to payment service providers to maintain business operations.

Authorities in the UK are tightening regulations on crypto companies, with the Financial Conduct Authority proposing rules that could subject crypto firm executives to two years in prison.

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