Ethereum: Why has Intersango stopped accepting UK bank transfers?
I recently tried to send £30 to Intersango, a UK-based cryptocurrency exchange, using my UK bank transfer. I had used them before without any issues, but last night I received an email stating that they had stopped accepting UK bank transfers.
At first, I thought it might be due to a technical issue or a change in their payment processing system. However, after further investigation, I found out why Intersango has stopped accepting UK bank transfers. In this article, we will delve into the reasons behind this decision and what users can expect in the future.
Why has Intersango stopped accepting bank transfers?
IntersANGO is a relatively new cryptocurrency exchange platform that was launched in 2021 and offers a wide range of cryptocurrencies to trade, including Ethereum. At first glance, it seems like any other reputable exchange platform would accept UK bank transfers without any issues. However, I have found that Intersango’s decision to stop accepting UK bank transfers may have been driven by a combination of factors.
One reason could be due to regulatory compliance. As the cryptocurrency market continues to grow and mature, exchanges are increasingly subject to regulations and tax laws in various countries. IntersANGO may have decided to take a more cautious approach and suspend its services for UK-based users to ensure they comply with local regulations and avoid potential issues.
Another reason could be due to security concerns. Bank transfers can pose a significant risk to exchanges as hackers or scammers can target bank accounts and steal funds. IntersANGO might have thought it prudent to take steps to mitigate this risk by discontinuing its services in the UK market.
Why is it so difficult to send £30 from Intersango?
If you’re a user who has tried to send £30 from Intersango before, you might be surprised to learn that there is no clear indication in their terms and conditions or email that they had stopped accepting bank transfers. In fact, the entire process seemed to have gone smoothly until I received an email stating that it was no longer possible.
This lack of transparency has led me to wonder whether IntersANGO is aware of the potential risks associated with bank transfers or if they are simply choosing to take a more cautious approach due to regulatory and security concerns.
What can users expect in the future?
While this news may be disappointing for users who rely on IntersANGO for their cryptocurrency transactions, it is essential to understand that the exchange has not abandoned its services entirely. There are still ways for UK-based users to trade Ethereum and other cryptocurrencies with IntersANGO:
- Alternative Payment Methods: Users can try using alternative payment methods such as credit cards or debit cards from reputable merchants.
- Cryptocurrency Transfer Services
: Some cryptocurrency transfer services, such as BitPay, offer more flexible payment options for international transactions.
Other UK-based Exchanges: There are other cryptocurrency exchanges that accept bank transfers from the UK, such as eToro and Coinbase UK.
In conclusion, IntersANGO’s decision to stop accepting bank transfers from the UK may be due to a combination of factors, including regulatory compliance and security concerns. While this news may be disappointing for some users, it is essential to remember that there are still alternative options available for trading Ethereum and other cryptocurrencies. As the cryptocurrency market continues to evolve, it will be interesting to see how exchanges like IntersANGO adapt to these changes and what new opportunities arise for users.