![]() ![]() How friendly they are towards crypto is a moveable feast while regulators mull over the future of digital currencies. When it comes to traditional high street banks in the UK, ‘the big for’ are generally categorised as Barclays, Lloyds Banking Group (including Halifax, Lloyds Bank and the Bank of Scotland), HSBC and NatWest (including Ulster Bank). While not suitable for individuals looking for a cryptocurrency friendly bank, this may be an option if you run a business and wish to transact in crypto. It offers a range of fintech services, including designated corporate bank accounts with direct IBANS and prepaid debit cards. However, it’s registered with the Financial Conduct Authority.Įdinburgh-based Orounda offers corporate accounts with the emphasis on flexible payment methods, including cryptocurrency. With offices in London, Xace is perhaps a lesser-known bank. However, it also offers a current account for “any use case”, according to its website, and is known to freely allow the flow of GBP to and from crypto exchanges while offering a virtual debit card. Xace could be categorised as a niche bank as much of its focus is on providing accounts centered around the gaming industry, ie for casinos and bookmakers. The firm also operates its own token, known as CAS, which powers the Cashaa ecosystem and is listed on exchanges such as Binance, Kucoin and Pancake Swap. You can manage both your crypto and fiat money through Cashaa’s app, use a debit card globally and store your coins in the firm’s native crypto wallet. It offers access to not only cryptocurrency trading, but also Decentralised Finance (DeFi) products and the Non-Fungible Token (NFT) marketplace. This London based challenger bank promises “one account for old & new money” but puts the emphasis firmly on crypto. The platform supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and XRP (Ripple) among others and offers a custodial service allowing you to store your crypto in your account.įounded in 2015, Revolut is headquartered in London and prides itself on allowing customers to “go from cash to crypto, instantly”. ![]() This is one of the most crypto friendly banks right now because it enables customers to buy, sell and send crypto directly through their account. The following list features newer so-called challenger banks targeting a younger client base who are more plugged in to the world of crypto, together with some of the more traditional institutions. We’re also applying the definition that the bank must have a UK HQ to make it on to this list below.Īlso, for a bank is to be considered crypto friendly it’s essential that it offers uninhibited movement of your cash to and from the crypto exchange of choice. There are a number of banks and financial institutions in the UK that are supportive of cryptocurrency, and some actively encourage it.Ī crypto-friendly bank can be defined as one that enables you to use your debit/credit card to buy crypto from an exchange and transfer cash back into your account after selling. Are there any crypto-friendly banks in the UK? The fact that the FCA’s announcement was not an outright ban on Binance did little to prevent the major banks from taking punitive action against the exchange by blocking customers from using their funds to buy crypto on the platform.ĭespite this and other measures by financial institutions to limit customers access to crypto, there are still a few banks that are crypto friendly in 2021. However, The FCA did issue a warning over the Binance Group, the services offered and the risks in investing in cryptocurrency. The FCA’s statement related purely to the future activities of Binance Markets Limited which wasn’t even operating at the time. What many people failed to realise at the time was that this wasn’t a ban on Binance. FCA warning issued over Binance activities The move followed a consumer warning by the Financial Conduct Authority (FCA) that Binance’s UK operations arm, Binance Markets Limited, was not permitted to undertake any regulated activity. A recent example of a sudden clampdown happened when Barclays, HSBC, Santander and others suddenly halted deposits to and withdrawals from the Binance crypto exchange – one of the largest in the world. ![]()
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