According to the latest reports, Starling is in the process of resuming its services for cryptocurrency exchanges. The service reportedly allowed users to make payments and send funds to cryptocurrency exchanges.
The reports suggest that Starling Bank had disabled the transaction processing service to cryptocurrency exchanges a week back. After one week of the services being shut down, Starling bank has announced that it will soon be re-instating the services for users.
Starling is an online banking system that is based in the United Kingdom and has a decent user base. It is one of the online banking solutions in the United Kingdom that facilitates users in making payments to cryptocurrency exchanges.
The information related to the re-instating of the services has been shared by a Starling spokesperson on Tuesday, June 1, 2021. The spokesperson has revealed that after disabling the depositing feature to cryptocurrency exchanges, the payment services to crypto exchanges would be restarted on June 23.
The online banking provider has revealed that it had taken the step of suspending the depositing feature as a precautionary measure to protect the customers. The online banking provider clarified that it is aiming to protect its customers from any harm or third-party cyberattacks.
For Starling, the most important aspect is the protection and safety of its customers. This is the reason why the exchange had to resort to taking such a step and disabling the depositing feature for the users. This way, they have protected their users from falling prey to a scam or fraudulent activities on their accounts.
The Starling Bank has confirmed that the reason behind the suspension of the depositing feature is directly the number of criminal activities around the world. Many crimes and foul acts have been committed by different entities and some cryptocurrency exchanges.
Therefore, Starling Bank needs to come up with a better, secure, reliable, and dependable strategy to tackle such problems. It has to put certain checks in place when it comes to the users interacting with cryptocurrency exchanges.