The United Kingdom is still figuring out how to deal with cryptocurrencies, but many banks there are willing to let their clients trade in digital assets. One important way banks are helping clients interact with services like cryptocurrency exchanges is by serving as a mediator.
There were 17 of the largest banks, building societies, and banking applications in the UK that participated in the poll. Despite several attempts, seven of the contacted financial institutions have consistently forbidden their customers from using their debit or credit cards to conduct cryptocurrency transactions. Halifax, HSBC, The Co-operative Bank, and TSB are just a few of the financial institutions represented here.
Only four banks were found to be “crypto-friendly” under the survey’s standards. Starling, Monzo, and Revolut are some examples of banks that exist only online.
The platforms allow deposits and withdrawals from all cryptocurrency exchanges except Binance, which is restricted in the nation.
The study found that customers of crypto-friendly banks had fewer barriers when interacting with exchanges. In particular, clients may use their debit cards to buy cryptocurrencies, make payments to exchanges, access funds stored in their crypto wallet, and transfer those funds into their checking accounts.
In addition, the rules that financial institutions like Barclays, Lloyds Bank, the Bank of Scotland, NatWest, and RBS have regarding their clients’ use of cryptocurrencies are all over the place. For example, they may prevent certain transactions, such as those made with a credit card or at a few different exchangers, from going through.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.