London Block Exchange allies with ClearBank

19 Jun, 2018
by Becky Tsoi
London Block Exchange allies with ClearBank

According to Reuters, London Block Exchange (LBX), a UK cryptocurrency exchange, successfully opened a bank account with British start-up ClearBank, allowing domestic customers to trade digital currencies without moving their money overseas.

‘It (ClearBank) has reached a deal with London Block Exchange, one of the UK's better-known digital wallet providers,’ said the person with knowledge of the agreement who declined to be named. ‘This will make it easier for British customers of the exchange to buy and sell cryptocurrencies by making transactions faster and cheaper.’

LBX and ClearBank both declined to comment.

LBX earlier said it offers customers on-shore accounts plus access to Faster Payments Services (FPS) and it adopts FPS payment clearing scheme to reduce electronic money transfer from the standard three days to only one day.

Companies were forced to open accounts outside Britain, namely Gibraltar, Poland and Latvia, and transfer pounds into euros or other currencies. It raised questions about the UK's ambition to become a global hub for fintech industry.

A San Francisco-based exchange, Coinbase, stuck a deal in March to open a bank account with Britain's Barclays. With more alliances of banks and crypto-exchanges, regulatory uncertainties remain the major concern.

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