According to the latest reports, NatWest has recently issued notices to its corporate clients where it has made negative statements around cryptocurrencies. The lender based in the United Kingdom had stated that its policy against cryptocurrencies is firm and subject to change upon regulatory approvals.
One of the local news reporting agencies from the United Kingdom has also shared the recent statements made by NatWest bank’s head of risk committee, Morten Friis.
Friis has stated that the NatWest bank will be offering no services to business customers linked with cryptocurrencies one way or another. He has stated that they will be practicing the same for customers who even accept payments in the form of cryptocurrencies.
According to reports, Morten Friis had made the stance of NatWest bank known to all stakeholders during the shareholder event on Wednesday, April 21, 2021.
During the event, he stated that they have no interest in collaborating or providing services to clients who are currently dealing in cryptocurrencies. They would not even provide services to those who have some sort of link with an entity backing their business or ventures through cryptocurrencies.
They would not even deal with clients who are currently using cryptocurrencies as their primary sources of processing transactions.
The statements recently made by Friis are almost the same as those made by another banking giant from the United Kingdom, HSBC bank. In the announcement, the HSBC bank revealed that it wants nothing to do with customers who are willing to buy the stocks from MicroStrategy.
HSBC bank has even grown very firm against cryptocurrencies as it has even refused to let the customers deposit their accounts with money earned through profits from cryptocurrencies.
Friis has explained that the reason they did what they did in the first place is because of the nature of cryptocurrencies. He stated that the cryptocurrency industry is full of surprises, ups, and downs, as well as risks.
Many people are losing their cryptocurrency assets and going under huge losses just because they are going after investing hugely in cryptocurrencies.
They are doing this because the majority of the cryptocurrency industry is unregulated and so many reforms are yet to be introduced into the industry before NatWest can start thinking about offering cryptocurrency services to their clients.
For now, their focus is to keep a close eye on the developments made by the Financial Conduct Authority (FCA) over cryptocurrencies. They will be closely monitoring what the FCA decides in regards to cryptocurrencies.
It was back in March of 2021 when the FCA had demanded all cryptocurrency firms in the United Kingdom submit their legal financial report. As the cryptocurrency industry continues to grow, companies such as Amazon and many more are moving towards accepting cryptocurrencies. Therefore, it is not for long when cryptocurrencies make their way to NatWest’s services portfolio.