London, Europe Brief News – If you’ve ever had your bank flag your account due to a crypto-related transaction, you know why people are looking for a list of crypto-friendly institutions. Many UK investors’ bank accounts were closed. Their transactions got frozen in the early days of cryptocurrencies because they get used to sending or withdrawing money from a cryptocurrency exchange.
What Is a “Crypto-Friendly Bank?”
The phrase “crypto-friendly banks” refers to banks and financial institutions that allow consumers to withdraw and deposit money to cryptocurrency-related platforms, as the name indicates, without restriction. You should be able to: in a crypto-friendly bank.
- Use the credit and debit cards they offer to purchase and trade cryptocurrency without restrictions.
- Complete wire transactions to bitcoin exchanges and comparable companies.
- You can cash out bitcoin investments at any time.
5 Crypto-Friendly Banks in UK?
Now that we know how crypto-friendly banks work let’s look at ones that service UK investors.
1. Royal Bank of Scotland (RBS)
Many consumers report no difficulty interacting with RBS when dealing with bitcoin transactions.
Credit or debit cards are free to purchase crypto and withdraw or deposit to exchanges. We can’t promise they’d let you utilize any exchange. But sticking to the big names like Coinbase and CEX.io should be smooth sailing.
But sticking to the big names like Coinbase and CEX.io should be smooth sailing.
2. Standard Chartered Bank
Standard Chartered Bank (SCB) presently does not enable the use of debit or credit cards on cryptocurrency-related websites.
The bank has often said that “crypto-assets” are here to stay. SCV, the bank’s investment arm, has revealed intentions for a cryptocurrency custody and trading desk. So, we anticipate SCB to enable customers to purchase bitcoin using debit cards ultimately.
3. Nationwide
Purchases made with a debit card are supported, as are withdrawals and deposits to cryptocurrency exchanges. So they are crypto-friendly, barring a prohibition on credit card transactions.
4. TSB
TSB Bank accepts credit and debit card purchases of crypto. There are no reported concerns with cryptocurrency withdrawals or deposits.
5. Barclays
Barclays is a central UK investment bank interested in cryptocurrencies and blockchain technologies.
Even though Barclays ended its Coinbase agreement in August 2019, Brits may still buy cryptocurrency using debit or credit cards. However, Barclays has denied deposits and withdrawals from some cryptocurrency exchanges.
Conclusion
As you can see, several central innovative banks want to keep up with the times and help their customers with crypto transactions.
We expect conventional banks to promote crypto-related services as regulations become clearer. Meanwhile, you may serve your clients, deposit funds, and lock in earnings with the crypto-friendly banks listed below without fear of account freeze or ban.
