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Over 50% of major UK banks allow customers to interact with crypto exchanges

Over 50% of major UK banks allow customers to interact with crypto exchanges

Over 50% of major UK banks allow customers to interact with crypto exchanges

As the UK continues to explore how it can engage with cryptocurrencies, a significant portion of the region’s banks are open to allowing customers to interact with digital assets. Banks in particular act as a medium that connects customers to platforms such as cryptocurrency exchanges.

In that sense, only 47% of banks in the UK have no policies allowing customers to participate in cryptocurrency exchanges, with the majority citing security issues, according to research by published by The Fintech Times on Oct. 14,
has been published. The survey included comments from 17 of the UK’s leading banks, building societies and banking apps.

Seven of the banks contacted do not allow debit/credit card transfers or purchases using cryptocurrency exchanges. Some of the banks on this list are Halifax, HSBC, The Co-operative Bank and TSB.

Crypto-friendly banks

The survey concluded that only four banks can be considered crypto-friendly. The category includes only digital banks or banking applications, including Starling, Monzo and Revolut.. Notably, the platforms allow transfers and withdrawals from cryptocurrency exchanges other than Binance, which is banned in the country.

According to research, a crypto bank has almost no restrictions on customer dealings with a crypto-currency exchange. Specifically, customers can use their debit card to buy crypto, make payments on exchanges, withdraw funds from their crypto wallet and deposit into a checking account.

In addition, banks such as Barclays, Lloyds Bank, Bank of Scotland, NatWest and RBS are taking a mixed approach with different policies allowing customers to interact with cryptocurrencies. In particular, they include restrictions such as blocking credit card payments and certain exchanges.

UK crypto regulations

The poll results come at a time when the UK is pushing to create a crypto regulatory framework to make the region a hub for digital assets. significant number of investors. For example, as Finbold reported on Sept. 23, UK citizens have spent more than £31.795 billion ($34.7 billion) investing in cryptocurrencies to interact with crypto exchanges.

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