Over 50% of main UK banks permit prospects to work together with crypto exchanges

As the UK continues to discover how one can method cryptocurrencies, a major share of banks within the area are open to permitting prospects to work together with digital belongings. Notably, the banks are performing as a medium connecting prospects with platforms like crypto exchanges. 

On this line, solely 47% of UK banks don’t have insurance policies permitting prospects to interact with cryptocurrency exchanges, with a majority citing securing points, a Finder.com analysis printed by The Fintech Instances on October 14 indicates. 

The survey included suggestions from 17 UK’s main banks, constructing societies and banking apps. Seven of the contacted banks don’t permit transfers or debit/bank card purchases involving crypto exchanges. A number of the banks on this record embody Halifax, HSBC, The Co-operative Financial institution and TSB. 

Crypto-friendly banks 

The survey concluded that solely 4 banks might be thought of crypto-friendly. The class includes digital-only banks or banking apps, together with Starling, Monzo and Revolut. 

Notably, the platforms allow transfers and withdrawals from crypto exchanges moreover Binance, which is banned within the nation. 

In accordance with the analysis, a crypto-friendly financial institution has virtually no restrictions on buyer interactions with a cryptocurrency change. Particularly, prospects should buy cryptocurrency utilizing their debit card, make funds to exchanges, withdraw cash from their crypto pockets, and deposit it right into a present account. 

Moreover, banks like Barclays, Lloyds Financial institution, Financial institution of Scotland, NatWest and RBS have a combined method with completely different insurance policies permitting prospects to work together with cryptocurrencies. Notably, they harbour restrictions like blocking bank card funds and choose exchanges.

“It’s clear from the analysis that banks are taking the safety of their prospects critically, which is important, though there’s actually room to enhance the communication of their insurance policies. Cryptocurrency isn’t going away, so this patchy communication is one thing that can have to be remedied sooner slightly than later,” stated Finder.com’s Kate Anderson.

UK crypto laws 

The survey findings come at some extent the UK is pushing ahead to ascertain a crypto regulatory framework meaning to make the area a digital asset hub. Notably, exchanges have emerged amongst main avenues to become involved in crypto, with the nation recording a major variety of traders. 

As an illustration, as reported by Finbold on September 23, British residents had spent over £31.795 billion($34.7 billion) investing in cryptocurrencies.