![]() I will try and keep this post fresh and up to date, but if you have had any negative experiences, please feel free to put them in the comments below. ![]() I tried to fight it, but if you want to play the game, you must follow their rules.Īlthough I like Revolut, I wouldn’t use it to store my life savings, and we try to spread the risk with a few UK banks that we’ve opened over the years. It seems that some accounts will let you deal with some exchanges, while others have blocked specific platforms ie Barclays and HSBC blocking Binance. The measure affects more than 24 million Barclays customers at a worldwide level. At one stage in 2020/2021, we were asked to show proof of our income, as we sent too much money through Revolut to Coinbase. The banking giant cites the warning that the Financial Conduct Authority (FCA) issued against Binance last week. Since 2017, we have been using Revolut to do this and haven’t had any major issues. and the crypto exchange we want to buy crypto from. Personally, we have been using a bank to bridge our traditional bank, i.e. UPDATE (JULY 5, 16:01UTC): Rewrites top of story to reflect comment from Barclays. Also, it’s very difficult to say which is the best crypto-friendly bank, as so many people seem to have different experiences. Binance had not responded to CoinDesk’s request for comment by press time. You will obviously need your bank for traditional financial banking services such as mortgages, loans, and credit cards, so make sure you keep this in mind. So which UK bank should you use to start investing in crypto? Well, the last thing you want is your day-to-day bank closing or restricting your bank account. Barclays has suspended all card payments from the UK, both debit and debit card payments, to the major crypto exchange Binance as it cites the announcement made by the Financial Conduct Authority regarding Binance operations in the UK. If you’re completely new to investing, you should check out our guide on buying Bitcoin in the UK or the best crypto wallets for UK investors. However, if you have personally had a positive or negative experience with any of these UK banks, please let us know in the comments below. We have tried and tested the majority of these banks. Here is our list of the best crypto-friendly banks in the UK for 2023. customers’ debit and credit payments to the crypto exchange Binance. So, it may be worth considering opening a separate, crypto-friendly account purely for buying digital currencies and withdrawing funds from cryptocurrency exchanges. The last thing you’d want is for your day-to-day bank accounts to be disrupted. The British bank Barclays said in an emailed statement Tuesday to Payments Dive that it was halting U.K. Newer challenger banks such as Revolut are more pro-crypto than older, traditional banks such as Lloyds. However, there will still be banks that block and flag payments, requiring UK customers to contact them to resolve the issue. Most banks are friendly towards customers using their accounts to buy and receive crypto (through transfers, withdrawals from exchanges, and credit and debit cards). The FCA accused the embattled exchange of failing to provide basic information which would make supervision possible.5 Best UK Crypto-Friendly Banks for UK InvestorsĪlthough we can’t say which are the best crypto-friendly banks, certain ones are certainly worth avoiding. Relations between Binance and the UK regulator worsened in August, with the FCA commenting that Binance’s “complex and high-risk financial products” pose “a significant risk to consumers”. Multiple regulators worldwide followed suit with similar warnings. Banking giants including Barclays, Santander and HSBC blocked UK customers from sending money to the exchange. ![]() The crypto exchange lost access to Faster Payments last summer after the FCA ordered Binance to cease activity in the UK. Denial of Service: Barclays has banned UK clients from sending funds to Binance One of the largest financial conglomerates in the world, Barclays, banned its customers in the UK to send money transfers (deposits) to a dubious casino called Binance. The comments come after the FCA issued a consumer warning about Binance on its website in June, informing consumers that the platform was operating in the UK without proper permissions. ![]() We cannot comment further,” the FCA told the FT. “Paysafe is aware of our concerns and is subject to close ongoing supervision consistent with our approach for firms of its size. However, the financial watchdog said it had “limited powers to object to arrangements of this kind”. ![]()
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