![]() However, the bank has stressed that it will review any unusual activity including payments to crypto exchanges. Nationwide has imposed a £5,000 daily limit on current account crypto spending. The bank will also close personal accounts with a high volume of transactions from and to crypto exchanges. Like Natwest, Metro Bank will not do business with any company accepting cryptocurrencies. Customers will still be able to receive payouts from crypto exchanges in their accounts. Santander has announced that from 2023 it will block all UK transfers to crypto exchanges. They have recently also stopped allowing customers using HSBC credit cards to fund their accounts. HSBC strictly prohibits customers from sending or receiving money from any crypto exchange. ![]() This also extends to Halifax and the Bank of Scotland. The bank continues to assess other types of payment on a case-by-case basis. Lloyds bank placed a ban on buying cryptocurrencies on its credit card. Starling Bank initially decided to suspend all payments to crypto exchanges however, the digital bank has said it will resume cryptocurrency exchange transfers on June 23 2021, after a rigorous enhanced payment review. Monzo has changed its stance on crypto with the bank now saying they are crypto-friendly.įrom time to time Monzo may block a small number of transactions based on risk. TSB recently announced plans to ban all 5 million customers from transferring payments to all crypto exchanges, including Binance and Kraken. Barclays were in business with Coinbase until 2019 but ended the working relationship due to money laundering concerns. Binance transfers have been strictly prohibited.Īlthough Barclays has begun taking measures to ban crypto buying, it seems they are currently only blocking money transfers to some exchanges including Binance and SwissBorg. They have also warned personal banking customers that they will conduct extra financial crime checks on those who want to dabble in cryptocurrencies. Natwest will not accept and will terminate its business relationship with any UK business receiving or thinking of accepting crypto as a form of payment. Personal Banking: Under Review, Binance Prohibited One thing to note is that banks will not involve themselves if you are buying cryptocurrencies from FCA-regulated companies such as eToro.ĮToro is considered safe because its UK arm is regulated by top-tier financial authorities and it is a well-known fintech company. Let’s take a look at some of the UK banks that are preventing customers from engaging in any activities related to cryptocurrencies which include popular exchanges such as Kraken, Binance, and Coinbase. However, Halifax and Natwest blocked me from transferring money to Coinbase and Binance. I transferred funds from my personal Barclays account to Kraken, and it was successful, my account was funded and I was able to withdraw back to my account without any issues. I tested this by using my Coinbase, Binance, and Kraken accounts. The number of UK banks banning customers from interaction with cryptocurrency exchanges is increasing, with the likes of Barclays, TSB, and Santander completely blocking transfers to any exchange. Kraken and Binance denied the claims and said that they take money laundering and the responsibility of protecting users from fraud very seriously. Trading platforms such as Binance, Kraken, Kucoin, and Coinbase do not perform adequate security checks to prevent criminals from using them to launder money, according to banks. ![]() In response to the decision, many UK banks took steps to prevent their customers from transferring funds to cryptocurrency exchanges. In June 2021, the Financial Conduct Authority prohibited Binance Markets Ltd from operating in the UK due to noncompliance with regulatory requirements, and this decision remains in effect today. The financial watchdog (FCA) reported that UK consumers had lost more than £60 million due to social media investment scams in the past year. Con artists are increasingly using crypto exchanges to transfer and convert victims’ funds into untraceable cryptocurrencies. The cryptocurrency market has become a target for fraudsters. The British banking sector is taking steps to combat cybercrime by preventing customers from making cash transfers to cryptocurrency exchanges. With all that has gone on with FTX, Paxos and Silvergate, expect heightened restrictions from UK banks. ![]()
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