Top Crypto-Friendly Banks - UK

In the ever-evolving financial landscape of the UK, the synergy between traditional banking and the burgeoning world of cryptocurrencies is more relevant now than ever. As cryptocurrency transactions become increasingly mainstream, a select group of forward-thinking banks are paving the way, embracing the change and facilitating easier transactions with crypto exchanges.

These crypto-friendly banks stand as beacons in a sector where others tread cautiously, often imposing restrictions due to regulatory pressures. In this article, we delve into the nuances of crypto-friendly banks in the UK, showcasing their commitment to innovation and customer convenience, and how they are bridging the gap between the conventional banking system and the digital asset frontier. Let’s explore the banks that are not just keeping up with the times, but spearheading the movement towards a more inclusive financial future in the UK.

If you are a customer at a bank that is crypto-friendly, you will be able to do the following:

✅ Make payments to a crypto exchange;

✅ Purchase cryptocurrency using your debit card;

✅ Withdraw money from your crypto wallet and deposit it in your current account.

Due to FCA Regulations, which advise banking institutions to block payments to and from any crypto exchanges they consider high-risk, banks stopped payments to the crypto trading platform Binance and therefore this is blocked from most, if not all banking providers. Reminder: Always do your own research before committing.

Revolut

Revolut allows individuals and businesses to deal with crypto directly through the app, facilitating the entire exchange. More importantly, it saves your digital assets in cold storage with trusted custodians, so there is no danger of your private keys getting exposed.

Royal Bank of Scotland Business (RBS)

RBS supports customers wanting to buy and sell through cryptocurrency exchanges. Customers usually don’t have any problems buying crypto with their credit/debit cards or direct transfers to wallets or exchanges. RBS does however, naturally flag a few exchanges they consider as high risk.

Monzo Bank

Monzo online bank similar to Revolut, is equally known as being crypto-friendly. However, you are unable to buy crypto directly within the app.

Wirex

Wirex integrates crypto into everyday spending with ease, offering a multi-currency account, crypto rewards, and seamless fiat conversion.

Lloyds Banking Group

Lloyds is relatively crypto-friendly. It allows its customers to make payments to crypto exchanges using their debit card or current account, but credit card payments are restricted.

Greengage

Greengage are a digital merchant banking pioneer focused on digital assets firms and SMEs as their key market segment. They recently launched e-money accounts and serve a number of key firms in the industry.

Xace

Xace was established with a specific focus: to be a crypto-friendly bank catering mainly to the technology, gaming, and e-sport sectors. However, it may not be the best fit for individuals or enterprises outside of these high-risk areas due to its less competitive fee structure.

Though not ideal for general consumers, Xace secures a spot on our list for its welcoming stance towards crypto. It predominantly serves high-risk businesses that might struggle to secure bank accounts with more traditional financial institutions.

Why consider Xace for your crypto needs? It emerges as an excellent option if you are a genuine crypto enterprise in search of a banking partner to streamline your operations or if you are a high-risk entity aiming to venture into crypto investments.

Cashaa

A unique aspect of Cashaa is its specialisation in Bitcoin.

This bank empowers you to quickly establish Bitcoin payment systems, along with the provision to convert your Bitcoin assets into fiat currency with ease.

Besides, Cashaa maintains a conventional approach to cryptocurrency friendliness, accepting purchases made using both credit and debit cards.

Orounda

The bank located in Edinburgh is renowned for offering solutions tailored to the needs of crypto-friendly business accounts.

With its ability to facilitate both SWIFT and SEPA wire transfers, it stands as a reliable choice for businesses immersed in the world of cryptocurrencies.

Barclays

Barclays had a somewhat staggered journey towards embracing cryptocurrencies. Initially showing enthusiasm, the bank formed a promising alliance with Coinbase in early 2018, only to retract it a year later, explaining that it was a “pilot program that had merely run its course”.

Nevertheless, Barclays continues to facilitate payments to and from crypto exchanges, also supporting purchases made through credit and debit cards. Additionally, the bank implements stringent measures to monitor transactions, regulating them based on the safety credentials of the involved exchanges.

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