Which UK Banks Allow Cryptocurrency Purchases?
Cryptocurrencies are becoming increasingly popular, though there are some legitimate concerns about the industry. As a result, it is not every bank, including UK banks, which will allow customers to make cryptocurrency purchases.
They don't want to risk losing money from customers, primarily if they could be held accountable for allowing it to happen. If you want to trade crypto, you should reconsider who you bank with. Let's look at the crypto world and the UK banks that allow crypto.
Is cryptocurrency legal in the United Kingdom?
In the United Kingdom, it is legal to own and trade cryptocurrencies. They are not currently classified as a currency but as a property asset, even though there is no tangible asset to own.
Any cryptocurrency exchange in the UK must be registered with the Financial Conduct Authority, which regulates the industry to prevent money laundering. The FCA is adamant that any trading platform must be able to demonstrate compliance with anti-money laundering regulations.
Which UK banks allow cryptocurrency purchases?
Here's a list of some banks to consider if you're interested in trading cryptocurrencies:
The Royal Bank of Scotland
RBS generally supports cryptocurrencies and trading. Customers usually have no trouble buying and selling crypto using a debit or credit card. However, the group restricts access to certain exchanges that are deemed riskier, so you will not have complete freedom.
Revolut Revolut is one of the more comprehensive banking apps. It offers stock and share trading through its platforms. It is well-known for its positive attitude toward cryptocurrencies, and customers of the bank face no trouble in dealing with exchanges regardless of account level. You also have the advantage of being able to trade cryptocurrency and manage your banking in the same app.
Nationwide claims to have systems to prevent suspicious or unusual member payments. Customers can usually make payments to crypto exchanges using their credit or debit cards. If you have any issues, you should be able to resolve them with the bank and gain access to the trading platforms.
Barclays has had a tumultuous relationship with cryptocurrency, having formed a partnership with Coinbase only to cancel it in 2019. Despite this reversal, the bank generally accepts payments to and from cryptocurrency exchanges.
Monzo has declared itself a crypto-friendly bank, stating that customers can use their accounts to buy and sell cryptocurrency on crypto exchanges. However, they state that they will review trading platforms and, if necessary, block access to some if they are deemed too risky.
Some large financial institutions still regard crypto transactions as highly risky, if not criminal. On the other hand, many progressive banks want to embrace new trends and assist their clients with cryptocurrency transactions.
We believe traditional banks will probably eventually support crypto-related services, particularly as soon as the regulatory clarity improves. Until then, you can use the crypto-friendly banks mentioned in this article to service your customers, make deposits, and lock in profits without fear of an account freeze or ban.
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.