The CEOs of several major banks in the U.K. received a letter from the country’s Financial Conduct Authority (FCA) over the potential risks when dealing with cryptocurrencies on June 11, 2018.
Cryptocurrency Firms Pose Risk to Financial Framework
As per details of the letter, institutional banks and financial service firms were formally notified of the implications of dealing with cryptocurrency businesses, such as wallets, exchanges, and service providers.
Contrary to prior warnings issued to the public, the FCA specifically addressed U.K. banks and appealed for significant scrutiny when interacting with “cryptoasset”
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