London-based Starling Bank recently announced in a text to its users that it has decided to block all incoming and outgoing transactions to crypto exchanges and other crypto platforms.

Starling Bank says that while the technology and thinking behind cryptocurrencies holds great potential advantages, the asset class is high risk and heavily used for criminal purposes in its current form.

The move to restrict Starling customers from using their accounts to withdraw or deposit cash into or out of crypto exchanges comes amid increasing scrutiny around crypto following FTX’s bankruptcy.

Founded in 2014, Starling Bank is a digital bank offering personal, joint, and business accounts. The company last raised a £130.5 million in April 2022, £50 million in April 2021, and £272 million in March 2021.