Major UK Banks’ Clients Сan Interact with Cryptocurrencies

While the UK keeps on studying and learning how to interact better with cryptoworld and cryptocurrencies, a big part of the UK banks allow their clients to use digital tokens in the banks. Factually, these banks are being the connection between the customers and crypto exchange platforms (Binance, Coinbase, etc.).

According to the completed survey, only 47% of the United Kingdom’s banks do not allow their customers to interact with cryptocurrencies or to conduct some transactions (purchasing, selling, exchanging, etc.) with them. 

The survey gathered the answers from United Kingdom’s seventeen major banks, bank-apps or building societies. Seven of these banks, including Halifax, The Co-operative Bank, TSB and HSBC answered negatively. So, these banks do not allow their customers transfers or card-purchases using cryptocurrencies.

The Banks, Which Accept Cryptocurrencies

As the result of the conducted survey, they found out, that only 4 banks are accepting cryptocurrency. These are the digital-only banks or some bank-apps (like Starling, Revolut and Monzo).

These banks allow transactions with exchange platforms. But one of the biggest platforms (Binance) is not in this list, because it is currently banned in the United Kingdom.

As the research informs, these crypto-friendly banks allow all kinds of interactions between their customers and exchange platforms. All the customers are allowed to conduct almost every type of crypto transactions: They can purchase, sell or exchange their cryptocurrencies in exchange platforms, they can top up or withdraw their funds from accounts even with their debit cards.

Some of the banks like Lloyds Bank, Barclays, Bank of Scotland, NatWest, RBS too, allow their customers to have some kinds of interactions with cryptocurrencies, but there are several restrictions and prohibitions for these customers. One of those restrictions are blocking card payments and some of the exchange platforms.

The Crypto Life in the UK

These statistics about crypto-friendly banks were discovered, when the country was trying to push the region into the cryptoworld and to make it a base for digital assets. Factually, exchange platforms became the main method to be involved in the cryptoworld.

During the history of cryptocurrencies, British people invested nearly 31.795 billion pounds or 34.7 billion US dollars in cryptocurrencies.

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