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Crypto firms see UK minister acknowledge concern over lack of banking services (correct*)

By Phoebe Seers ( May 21, 2025, 13:05 GMT | Insight) -- The UK government is in discussion with banks over the inability of cryptoasset business to access critical banking services, a minister has said. The crypto sector has long complained that they are shut out from traditional and even challenger banks and forced to use e-money institutions, with significantly higher costs, to make and receive payments. An FCA letter in 2018 is blamed in part for banks' wariness of would-be crypto clients.The UK government is in discussion with banks over the inability of cryptoasset business to access critical banking services. The sector has long complained that they are shut out from traditional and even challenger banks and forced to use e-money institutions, with significantly higher costs and fewer services, to make and receive payments....

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