This article has updated our list of crypto-friendly banks in the UK. But first, if you’re unfamiliar with the term, let’s define it.
According to crypto-friendly banks, customers can freely withdraw and deposit funds from their accounts to cryptocurrency-related platforms.
With more individuals questioning the effects of giant international banks worldwide, one can only imagine the impact a new breed of ‘Crypto-Friendly’ banks in the UK would have on the financial industry.
As explained, cryptospores are banks that may process consumer payments using their funds rather than the funds of the banks.
Furthermore, this transaction is protected against fraud and possibly account theft by the customer.
The concept isn’t entirely original, and most countries have just recently embraced it as an official regulation.
Until recently, this service was exclusive to banks, which is why it is a welcome addition to the present financial services scene. However, there are a few things to keep in mind.
Not all cryptocurrency-friendly banks in the United Kingdom, for example, are made equal. The new breed of ‘Crypto-Friendly’ banks in the UK is similar to traditional banks in that they strive to use their size, power, and capital to gain an advantage over their competitors.
Some of these financial institutions are too small to sustain a regular high-street banking account.
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Is Buying Bitcoin Legal in the UK?
Yes, cryptocurrency is legal in the United Kingdom. Governments and authorities worldwide are scrambling to competently regulate crypto assets to provide investors with certainty while also making profits and income from the crypto markets taxable and lawful.
List of 12 Crypto-Friendly Banks in the UK
Here is the list of 12 crypto-friendly banks in the UK:
RBS owns NatWest, and the bank now allows customers to buy cryptocurrency with their credit and debit cards, depending on user input. Customers can deposit and withdraw funds from bitcoin exchanges in a simple manner.
Barclays is among the UK’s largest investment banks, with a keen interest in cryptocurrencies and blockchain technology.
3. TSB Bank
TSB Bank is known to accept credit and debit card purchases of cryptocurrency. Withdrawing or depositing to bitcoin exchanges has never been a problem.
Remember that banks often flag large transfers, so you may need to split transfer amounts or contact TSB in such circumstances.
Customers can use their debit cards to make purchases Nationwide and withdraw and deposit funds to bitcoin exchange platforms without restriction. Except for a ban on credit card transactions, we can call them crypto-friendly.
5. Standard Chartered Bank
Customers complain that Standard Chartered Bank (SCB) presently does not allow using their debit and credit cards on cryptocurrency-related websites, putting the bank in an awkward position on this list.
6. Royal Bank of Scotland (RBS)
Regarding bitcoin transfers, RBS is one bank with which many clients say they have had no problems.
You can buy cryptocurrency with your credit or debit cards and withdraw or deposit funds to exchanges.
Cashaa was founded to meet the banking needs of crypto-related businesses such as exchanges, wallets, and brokers. For B2B and B2C applications, the company combines banking concepts with a blockchain.
Revolut began as an unlicensed financial organization in the United Kingdom, but it is now a complete-fledged bank with more than 2 million customers. People in the UK and Europe can use their services.
After seeing a Reddit comment in which a user-described Fidor as “a bitcoin-friendly bank,” we decided to investigate it further.
We looked a little deeper and discovered that the bank specializes in cryptocurrency banking and counts Kraken, the world’s largest cryptocurrency exchange, among its clients.
10. BCB Group
BCB describes itself as an “FCA regulated business payments provider in the digital assets industry” or simply as a cryptocurrency-friendly bank.
Orounda is situated in Edinburgh and provides international bank account numbers to businesses inside and outside the European Union (IBAN).
Xace was designed as a cryptocurrency bank, a bitcoin bank, and a gaming bank.
How to Buy Bitcoin Through your Bank Account in the UK
Below are ways on how to buy Bitcoin through your bank account in the UK:
Make a Coinmama Account for Yourself
Create a free Coinmama account and confirm your email address to get started.
Verify Your Identity Before Making a Transaction
Fill in your personal information to complete your account setup. For enhanced security, you’ll also need to upload a copy of your ID card.
Make a Bitcoin Transaction
Choose the quantity of Bitcoin you want to buy and then pay through SEPA, SWIFT, or Faster Payments. To initiate a bank transfer payment, follow the steps to enter your Bitcoin wallet address.
As you can see, some big financial institutions still view crypto-friendly banks and crypto transactions as very hazardous and even criminal.
Also, some forward-thinking institutions want to embrace new trends and assist their customers with cryptocurrency transactions.
Traditional banks will likely embrace crypto-related services in the future, particularly if regulatory certainty improves.
Until then, you can service your customers, make deposits, and lock in your earnings without fear of an account freeze or ban by using the crypto-friendly institutions outlined in this post.
If you find these crypto-friendly banks in the UK interesting, kindly share your opinion or question in the comment session.
Watch the video below to know the crypto-friendly banks in the UK: