13 Best Crypto-Friendly Banks Worldwide for 2024

Traditional banking and the volatile cryptocurrency market have clashed. It resulted in a new kind of financial institution: crypto-friendly banks.

These financial institutions have become critical nodes. As digital assets attract crypto enthusiasts, traditional banks are integrating with blockchain technology.

This guide compares the top crypto-friendly banks, considering factors, such as fees, safety, features, supported markets, and more.

[key_takeaways title="The list of the most crypto-friendly banks"]

• Royal Bank of Scotland
• Revolut
• Ally Bank
• Monzo
• Bank of America
• Quontic
• BankProv
• Barclays
• JPMorgan Chase
• Citi
• AMINA Bank
• Santander
• Bank Fric

[/key_takeaways]

[key_takeaways title="The list of crypto-friendly bank alternatives"]

• swissmoney
• Wirex
• Juno
• Nationwade
• Bitstamp
• ByBit

[/key_takeaways]

Crypto-friendly bank alternatives

Looking for a bank alternative? Try swissmoney

swissmoney is a financial service provider offering more freedom and flexibility while still providing traditional services and high-level security. It simplifies switching between crypto and traditional finances.

With swissmoney, you get:

• Option to buy, sell, exchange, and withdraw crypto without any disruptions.
• Multiple wallets for BTC, ETH, USDC, USDT, and TRX.
• Dedicated IBAN accounts.
• Instant funds transfer across Europe via SEPA.
• Multiple payment cards without strict spending limits.
• Competitive fees.
• Simple management through a user-friendly app.

The best crypto-friendly banks comparison table

The best crypto-friendly banks in detail

If you’re seeking the finest location to create a bank account that takes cryptocurrencies, you’ve come to the right place.

This list features the best crypto-friendly banks that provide services from traditional banking to crypto exchanges.

#1 Royal Bank of Scotland (RBS)

The Royal Bank of Scotland (RBS) is a significant retail and commercial bank in Scotland. It belongs to the NatWest Group, alongside NatWest and Ulster Bank. Founded in Edinburgh in 1727, RBS is the world’s oldest surviving bank.

Like many banks, The Royal Bank of Scotland has a relatively conservative approach to cryptocurrency.

 The bank allows customers to use their online banking accounts or services to buy, sell, and trade digital assets. Yet, they can do it only through regulated exchanges.

Key features:

• Three distinct business checking options
• Investment advice and financial planning guidance
• Compliance with a wide range of regulations
• Online and mobile banking platform
• Loyalty cards

Geographical coverage: UK, Gibraltar, Guernsey, Isle of Man, and Luxembourg.

Services: Current and savings accounts, mortgages, loans, credit cards, investment products, and basic bank transactions.

Supported cryptocurrencies: The Royal Bank of Scotland (RBS) doesn’t support cryptocurrency itself. However, it allows to buy Bitcoin (BTC) and Ethereum (ETH)

#2 Revolut

Revolut started as a currency exchange app but now serves many types of users. 

It has over 15 million users and offers features like global spending without hidden fees, instant payment alerts, and international ATM withdrawals. 

It also provides business accounts, helping small businesses in the UK. This has made it a flexible banking option.

Key features:

• Support for numerous currencies
• Cryptocurrency investment opportunities
• Affordable international transfer fees
• Multiple account tiers
• Cashback

Geographical coverage: 30 countries and territories.

Services: Various account types, economical domestic and international transfers, P2P payments, affordable card usage abroad, cashback, and ATM withdrawals.

Supported cryptocurrencies: 36 currencies.

#3 Ally Bank

Ally Bank is an online financial institution offering various financial services.  Ally Financial Inc. offers digital financial services in the United States, Canada, and Bermuda. 

It operates through segments like Automotive Finance, Insurance, Mortgage Finance, and Corporate Finance.

It does not provide crypto services directly. However, Ally Bank allows customers to use their accounts with external cryptocurrency exchanges.

Key features:

• Online-only user-friendly platform
• Various features like bill payment, account transfers, and mobile check deposits
• 24/7 customer support

Geographical coverage: United States, Canada, and Bermuda.

Services: Checking and savings, credit cards, investing and retirement, mortgage, auto financing, personal loans, and basic bank transactions.

Supported cryptocurrencies: None. However, it integrates with Coinbase and lets users invest in crypto funds such as Grayscale Bitcoin Trust.

#4 Monzo

Monzo, a digital bank, offers various banking services for individuals and businesses. It is one of the top challenger banks in the UK, known for its innovative features and easy-to-use mobile app.

Unfortunately, Monzo Bank doesn’t directly provide cryptocurrency investment options through its banking interface.

Yet, it empowers account holders to access the crypto market. It does it by permitting the transfer of GBP to regulated cryptocurrency exchanges.

Key features:

• Savings and Investment Pots.
• The Salary Sorter helps users distribute their salary to spending, saving, and bills.
• Ability to set spending budgets for different categories.
• The bank offers automated savings features like round-ups and scheduled savings pots.

Geographical coverage: UK, Ireland, and US.

Services: Online banking, overdrafts, flex credit card, loans.

Supported cryptocurrencies: None.

#5 Bank of America

Bank of America is a multinational global bank with a strong presence in the US and internationally. It offers various banking and financial services for individuals and businesses.

Bank of America allows U.S. Dollars (USD) transfers to licensed crypto exchanges. The bank collaborates with regulated and recognised cryptocurrency exchanges in the USA, strictly adhering to FinCEN’s regulatory standards.

Key features:

• Credit cards with cashback, travel rewards, and balance transfer options
• Various checking and savings accounts (a free student and young adults checking account and a high-yield savings account)
• A mobile app and a desktop version
• Online investing and trading services and access to research and insights

Geographical coverage: The US, its territories, and over 35 other countries.

Services: Checking, savings and CDs, credit cards, home loans, auto loans, investing.

Supported cryptocurrencies: Bank of America doesn’t offer crypto trading, but lets customers transfer USD to regulated crypto exchanges.

#6 Quontic

Quontic originated in 2009 as a community bank in New York City and later transitioned to an online-only presence. It is FDIC-insured and contributes to a fee-free ATM network with 90,000 ATMs.

Quontic collaborates with fintech firms in blockchain and cryptocurrency. It provides basic cryptocurrency services, including accounts that earn interest on digital assets, enabling users to generate passive income.

Additionally, it introduced the Bitcoin Rewards Checking account, enabling customers to earn 1.5% in Bitcoin on eligible debit card purchases.

Key features:

• It is a Certified Community Development Financial Institution
• The first bank to offer a Bitcoin rewards debit card
• The bank has a broad fee-free ATM network
• A digital-only bank

Geographical coverage: US.

Services: Wholesale mortgages, loans.

Supported cryptocurrencies: Quontic offers interest-bearing crypto accounts for passive income and a Bitcoin rewards checking account.

#7 BankProv

BankProv is a leading regional commercial bank with a strong presence in the Northeastern United States. It offers various financial products and services for individuals and businesses.

BankProv has partnered with Rocketplace and uses traditional banking payment methods to support a crypto trading platform.

It focuses on offering banking services for cryptocurrencies, including accounts for crypto businesses, and provides asset management for companies in the crypto industry. BankProv also assists its clients with cryptocurrency exchanges and trading.

Key features:

• Checking and savings accounts, credit cards, loans, mortgages, and investment products
• User-friendly platforms offer features like bill payment, account transfers, and mobile check deposits
• Has a strong reputation for caring about customers

Geographical coverage: US.

Services: Lending services, business banking, business checking products, cash management services, and BaaS partnerships.

Supported cryptocurrencies: BankProv partnered with Rocketplace to provide banking and asset management services for cryptocurrency businesses.

#8 Barclays

Barclays consistently supports blockchain and cryptocurrency. Despite concluding their previous partnership with Coinbase, Barclays remains receptive to crypto-related activities.

The bank facilitates payments between crypto exchanges and allows credit and debit card purchases for cryptocurrencies. It also prioritises transaction safety. 

Despite the limitations, many customers find it easy to manage crypto funds with Barclays. The bank’s ongoing involvement in crypto suggests a promising future for crypto transactions.

Key features:

• One of the largest banks in the world, with a strong track record of stability and security
• A wide range of financial products and services
• Competitive rates on various products

Geographical coverage: UK, Republic of Ireland, Switzerland, Monaco.

Services: Expert wealth planning, investment solutions, mortgages, loans, and everyday banking services

Supported cryptocurrencies: It restricts payments to certain exchanges due to scam risks, but the specific restricted exchanges, apart from Binance, are unclear.

📚Related: Barclays Travel Wallet

#9 JPMorgan Chase

JPMorgan Chase is the largest bank in the US and the world’s largest bank by market capitalisation. The bank provides banking services to established cryptocurrency exchanges and blockchain companies.

JPMorgan offers access to six crypto funds, including a new Bitcoin fund. However, this is only available to wealth management clients, not the general public.

Moreover, JPMorgan Chase has developed JPM Coin. It is a digital dollar created on a private version of the Ethereum blockchain.

Key features:

• A highly rated mobile app
• Subject to extensive regulations
• One of the largest investment banks in the world
• Large branch network
• Spearheads a blockchain-based payment and settlement platform Onyx

Geographical coverage: 100+ countries across the world.

Services: Commercial banking, credit and financing, institutional investing, investment banking, payments, private bank, wealth management

Supported cryptocurrencies: 6, including JPM Coin and Bitcoin.

#10 Citi

Citi is the leading US banking subsidiary of Citigroup. It ranks as one of the largest banks globally, serving over 200 million customers and maintaining a presence in over 160 countries.

Citibank provides diverse banking services such as credit cards, checking and savings accounts, and mortgages.

The bank is loyal to the development of Bitcoin but does not allow general customers to invest in cryptocurrencies. 

Key features:

• Investment services, including the ability to invest in stocks and ETFs
• Citibank customers can buy Bitcoin and other cryptocurrencies on exchanges using their bank accounts
• High-yield savings accounts
• Various security features, such as 256-bit encryption, biometrics, and one-time-use passcodes

Geographical coverage: 160 countries.

Services: Treasury and trade solutions and securities services for businesses.

Supported cryptocurrencies: Citibank only allows direct cryptocurrency purchases for investors.

#11 AMINA Bank (SEBA Bank)

SEBA Bank is now known as AMINA Bank. It is a Swiss-regulated institution providing various banking services to individuals and businesses. It offers a wide range of products and services related to digital assets.

Key features:

• One of the first FINMA-regulated institutions to provide crypto banking services
• Secure and regulated custody of digital assets
• Offers trading platform for institutional investors
• A global reach
• Try to ensure the sustainability of the cryptocurrency economy

Geographical coverage: Regulated hubs in Switzerland, Abu Dhabi and Hong Kong.
 

Services: Regular financial services and investing, trading, and staking features, loans, crypto and FX.

Supported cryptocurrencies: 17, mainly the most popular currencies.

#12 Santander

Santander is a significant global bank with a strong presence in Europe and the Americas. It provides various financial products and services like checking and savings accounts, credit cards, loans, etc.

Santander supports a balanced approach to cryptocurrency investments. It lets clients transfer funds between debit cards, bank accounts and crypto platforms.

Key features:

• Easy-to-use online and mobile banking platforms
• 24/7 customer support via phone, chat, and email
• Supports various organisations and events
• Develop new products and services to meet changing customer needs
• Wealth management services for individuals and businesses.

Geographical coverage: 15 countries in Europe and North and South America.

Services: Current accounts, credit cards, insurance, loans, mortgages, savings, investments

Supported cryptocurrencies: Santander UK doesn’t provide cryptocurrency services. However, it allows safe deposits and withdrawals from FCA-regulated exchanges.

#13 Bank Frick

Bank Frick operates as a privately held universal bank. It is regulated by Liechtenstein’s Financial Market Authority (FMA) since 1998. It is known for its innovative and personalised banking solutions.

In 2018, Bank Frick made history as the first European bank to introduce blockchain banking. The bank empowers professional market participants. It grants them regulated access to crypto assets like cryptocurrencies or tokenised assets.

Bank Frick actively provides extensive banking services tailored for established and emerging companies in the blockchain and cryptocurrency sectors.

Key features:

• High level of expertise in regulated blockchain banking
• supports initial coin offerings (ICOs), tokenisation of assets
• Custody of crypto assets
• Web API documentation and integration

Geographical coverage: Liechtenstein, Switzerland, and the European single market.

Services: Classic banking, blockchain banking, fund and capital markets, payment services, and business loans.

Supported cryptocurrencies: Trading and custody services for 17 leading cryptocurrencies.

📚Related: The Best Digital Banks in Europe

Crypto-friendly bank alternatives

swissmoney

Introduced in 2021, swissmoney swiftly became a favoured financial solution for its user-friendly and secure platform, crafted by high-level Swiss blockchain and cybersecurity specialists.

The platform covers the traditional finance and crypto worlds by offering a versatile and flexible solution. 

Among many traditional services, it provides multiple crypto wallets and a high-limit spending card and lets you facilitate smooth international transactions.

Key features:

• Fiat-to-cryptocurrency exchange
• Buying, sending, and selling crypto assets
• Dedicated IBAN
• Fast transaction processing and flat fees
• Multiple crypto wallets.
• Payment cards without hard limits for fiat and crypto spending
• Detailed transaction history

Geographical coverage: 210+ countries and territories.

Services: Digital financial services, crypto transactions, exchange, payment cards, IBAN accounts, international payments.

Supported cryptocurrencies: 5 most popular currencies.

Wirex

Wirex is a crypto neobank. Wirex offers a wide range of crypto services. It includes a cross-chain bridge for seamless token transfers between blockchains. 

Further, the account provides staking services and supports a crypto wallet compatible with NFTs. It allows interaction with DeFi dApps. Powered by Mastercard, The Wirex crypto bank offers spending in 21 currencies.

Key features:

• Crypto and traditional money support
• Add funds via credit card, debit card, or bank transfer
• Crypto exchange at live rates
• Option to buy, store, and trade over 250 digital assets
• Up to 8% cash back on every card transaction
• Up to 16% variable AER on selected currencies

Geographical coverage: 170+ countries.

Services: Investing and trading, credit, card and banking, crypto management, basic banking.

Supported cryptocurrencies: 250+ digital assets.

Juno

Juno is a fintech company. It operates as a functional fiat currency bank account and easily integrates with crypto wallets through the app. Users can efficiently convert their crypto assets to an FDIC-insured account. it ensures convenience and security.

The app accommodates various crypto assets, including popular stablecoins like USDC. Users have the flexibility to fund their checking account with USDC across blockchains.

A standout feature of Juno is its ability to convert incoming paychecks into crypto automatically.

Further, the Juno crypto debit card empowers customers to use digital assets for payments and ATM cash withdrawals.

Key features:

• Buy, sell, and store crypto starting from $1.
• International transfers.
• Strong customer support.
• Direct deposit for receiving paychecks in crypto.

Geographical coverage: US.

Services: Online financial services, crypto management, payment card.

Supported cryptocurrencies: Over 20 cryptocurrencies.

Nationwide

Nationwide Building Society, established in 1884, is a British mutual crypto-friendly financial institution. It allows trading crypto on FCA-licensed third-party exchanges.

Nationwide facilitates payments to and from crypto exchanges. For adult or student accounts, the daily limit is £5,000. For FlexOne accounts, it’s £100. 

Nationwide emphasises safety by endorsing regulated digital asset exchanges.

Key features:

• Not a bank, but it has restrictions on crypto transactions.
• Crypto-friendly approach
• Adhere to regulations, especially the ones set by the Financial Conduct Authority (FCA)
• Transfers to and from licensed exchanges

Geographical coverage: UK.

Services: Loans, overdrafts, current accounts, savings accounts and ISAs, insurance and investment solutions.

Supported cryptocurrencies: Support for purchasing leading digital currencies like Bitcoin, Ethereum, and Solana. 

Bitstamp

Bitstamp is one of the oldest and most reputable cryptocurrency exchanges in Europe. It allows trading between various fiat currencies and cryptocurrencies.

The platform operates as an exchange with a user-friendly interface and reasonable trading fees. It offers different order types and supports various payment methods.

Key features:

• Fiat-to-cryptocurrency transfers
• Bank transfers, credit/debit card payments, and ACH transfers
• Mobile wallet for both Apple and Android smartphones
• Over-the-counter (OTC) trading
• Compliance with Luxembourgish and EU regulations

Geographical coverage: 180+ countries.

Services: Trading, crypto management, fiat-crypto exchange, and BaaS.

Supported cryptocurrencies: Over 80 cryptocurrencies for trading.

ByBit

ByBit is a well-liked platform for trading between fiat and crypto. It offers competitive features and supports multiple withdrawal methods like bank transfers and cards. With a focus on security, 

ByBit ensures safe transactions using advanced techniques. It’s a trustworthy exchange with various assets and automated trading options like DCA crypto bots.

Key features:

• Spot, derivatives, and margin trading
• One-Click Buy feature
• Advanced trading features
• Option to earn is a suite of high-yield investment products
• Mobile app
• ByBit Card with zero staking requirements and multiple card tiers.

Geographical coverage: 110+ countries.

Services: Crypto trading, mining and management, wealth management, a payment card, and Bybit savings.

Supported cryptocurrencies: 1203 cryptocurrencies.

[note title="Note"]

All information provided is dated 14 May 2024 and may have been updated since. Please check each platform’s official website for the latest information.

[/note]

How to choose a crypto-friendly bank?

To select a crypto-friendly bank, you should evaluate a few aspects:

• Location. Check if the bank can provide services in your country or territory.
• Support of crypto and fiat currencies. Check how many currencies they offer. Moreover, you may want to manage all your digital assets in one place.
• Cards for spending crypto. If you want to buy, sell AND spend crypto in the real world, you should look for financial institutions that offer this type of card.
• Transaction fees and monthly charges. Evaluate the services they offer and the fees they charge. Other financial services providers may offer a better and clearer fee structure, even if they don’t offer as many features.
• Security and compliance. Choose a bank that provides security and complies with core regulations.

What are the different types of crypto-friendly bank services available?

Crypto-friendly banks offer different services:

• Traditional banking with crypto integration: Established banks are becoming more crypto-friendly, enabling transfers from crypto exchanges and providing crypto debit cards.
• Buying, selling, and holding crypto: Banks that allow you to manage traditional and cryptocurrency accounts in one place.
• Crypto-backed loans, and interest: Some banks offer loans using crypto as collateral and interest-bearing accounts for digital assets.

Pros and cons of crypto-friendly banks

Let’s briefly overview the benefits and drawbacks of the best crypto-friendly banks before going into our top picks.

Pros

Here’s a concise list of advantages and features offered by crypto-friendly banks:

1. Simpler crypto access. Crypto-friendly banks bridge the gap between traditional banking and complex blockchain technology. It makes cryptocurrencies easily accessible through familiar banking systems.
2. User-friendly onboarding. These banks provide a comfortable entry for newcomers in cryptocurrencies. It simplifies the process for self-custody enthusiasts and those preferring a traditional approach.
3. Effortless off-ramping. Unlike traditional banks, crypto-friendly ones facilitate hassle-free fiat currency withdrawal from crypto exchanges. It aids efficient profit-making or loss-limiting.
4. Support for crypto businesses. These banks comprehensively support blockchain and fintech startups. They ensure compliance with real-world regulations and provide services for insurance and operations.
5. Mobile app accessibility. Most crypto-friendly banks offer intuitive mobile apps for Android and iOS. It allows users to monitor the dynamic crypto world in real-time and complete transactions on the go.
6. Integration with traditional finance. Despite cryptocurrencies being decentralised, these banks serve as a practical link for converting them to fiat currency and remain open to cryptocurrency transactions.
7. Easier market entry. These banks simplify market entry. They meet the demands of clients looking for a smoother way to enter the crypto market.

Cons

Unfortunately, any crypto-friendly bank comes with certain drawbacks and limitations:

1. Volatile asset exposure. These banks have a historical tendency to hold substantial amounts of volatile digital assets. Unfortunately, this exposure can strain their reserves. It may lead to potential bankruptcies or insolvencies, e.g. Silvergate and Signature Bank.
2. High transaction fees: This premium service can make crypto-related transactions more expensive.
3. Limited functionality: The services focus on cryptocurrency trading and holding (HODLing). They may lack the extensive use of the DeFi (Decentralised Finance) space, which offers diverse options like staking, yield farming, and lending.

Crypto-friendly banks might lack the full range of services found in traditional banks. A bank centred on cryptocurrency infrastructure might not provide traditional services. Therefore, users should know these potential limitations and evaluate their options.

📚Related: How to Create a Crypto IBAN Account

What are the security measures taken by crypto-friendly banks to protect my assets?

Crypto-friendly banks prioritise security for your digital assets with these measures:

• Standard security practices: Expect encryption and multi-factor authentication to keep your data and holdings safe.
• Custody solutions: Look for banks offering cold storage and secure vaults to minimise online risks.
• Regulatory compliance: Licensed banks follow strict regulations for added security.
• Insurance: The FDIC only insures deposits held in insured banks and savings associations in the unlikely event of an insured bank’s failure. This doesn’t apply to crypto assets.

Even though banks have security measures in check, no system is perfect. 

Therefore, choose a bank with a solid security record and stay informed about security threats to protect your assets, regardless of your bank choice.

FAQs

What is a crypto-friendly bank?

A crypto-friendly bank supports crypto-related businesses by accepting cryptocurrencies and offering services like:

• Crypto trading
• Integration with crypto exchanges
• Insurance for crypto corporations

Some progressive banks are making a name in the crypto space by offering insurance for these businesses. Others go beyond by providing credit and debit cards with BTC cashback.

Moreover, customers can move money between their bank accounts and cryptocurrency platforms. These are the main services that such banks offer:

1. Use of issued credit and debit cards for buying and selling cryptocurrencies.
2. Execution of wire transfers to cryptocurrency exchanges and similar entities.
3. Facilitation of cash-outs from cryptocurrency investments.

Do I need a bank account for cryptocurrency?

You don’t always need a regular bank or IBAN account for cryptocurrency. You can use crypto exchanges and peer-to-peer trading platforms independently. 

However, having a bank account can make it easier to buy and sell crypto, especially with some exchanges requiring it for fiat transactions.

📚Related: How to Buy Bitcoin with Your Bank Account Instantly

What is the best bank for crypto?

The best bank for crypto depends on your needs. Nonetheless, here’s a breakdown to assist you in selecting:

• For traditional banking with crypto integration: Ally Bank.
• For buying, selling & holding crypto: AMINA Bank (SEBA Bank).
• For crypto-backed loans & interest: Quontic.

What is the best private bank for crypto?

The best private bank for crypto varies based on personal needs and preferences. Some notable options include Julius Baer, DBS Private Bank, and Bankera.

What are the best crypto-friendly business bank accounts to use?

The top crypto-friendly business bank accounts include:

• Quontic: Offering solutions for crypto and fintech sectors, Quontic provides interest-bearing accounts for cryptocurrencies, letting users earn passive income.
• Bankprov: Specializing in crypto-friendly banking, Bankprov offers accounts for crypto businesses and facilitates exchanges and trading, with asset management services.
• Ally Bank: Though a traditional bank, Ally allows account linking to external crypto exchanges, enabling fund transfers for trading, with digital tools for effective finance management.

What are the best bank accounts for cryptocurrency?

The best bank accounts for cryptocurrency are those that smoothly blend traditional and digital assets, support exchanges and wallets, and allow to buy and sell crypto. 

Which bank is crypto-friendly in Europe?

Here are the best crypto-friendly banks in Europe:

• Revolut (UK). A digital banking platform offers user-friendly cryptocurrency trading and storage. It is a preferred choice for those seeking simplicity.
• Wirex (UK). Specialising in cryptocurrency, Wirex provides a global prepaid debit card for convenient cryptocurrency spending. It is an excellent option for everyday purchases.
• Ziglu (UK). It offers a straightforward way to buy, sell, and store cryptocurrency. It is ideal for newcomers to the digital asset world.
• Mode Banking (UK). It is a digital platform for businesses. It provides cryptocurrency payments and treasury management services.
• Bank of Valletta (Malta). It offers services like custody and trading for businesses.
• FinecoBank (Italy). An innovative bank allows direct cryptocurrency trading for retail clients in Europe.
• Januar (Denmark). It offers a user-friendly platform for buying, selling, and storing cryptocurrency. It is popular among young users new to digital assets.

Why are banks afraid of Bitcoin and cryptocurrencies?

Generally, banks have a cautious attitude toward digital currencies and decentralisation. This view leads to reluctance to accept Bitcoin and other cryptocurrencies. This hesitation stems from various factors:

Volatility

Cryptocurrency’s inherent volatility is a paramount concern for banks. They care about profit and seek to safeguard their investments and customers’ funds.

Slight fluctuations in the crypto market can swiftly devalue assets. It can make banks apprehensive about engaging with such uncertainty.

Regulations

In the future, the use of cryptocurrencies should increase. Moreover, regulations around the handling of digital money will be more stringent.

In many jurisdictions, there aren’t clear standards for how banks should handle crypto transactions. It sets a higher standard for those who wish to participate in this activity.

Due to economic risks, financial institutions are sceptical about Bitcoin and similar cryptocurrencies.

As a result, numerous traditional banks have begun to limit the use of bank accounts for Bitcoin transactions.

Which banks are not crypto-friendly?

Roughly 50% of banks do not offer any form of cryptocurrency support. Many regulated banks impose restrictions on transactions and exchanges.

Among the banks that are not crypto-friendly are:

• Lloyds bank
• Starling Bank
• Halifax
• HSBC
• First Direct
• Metro Bank
• Virgin Money

What is the difference between traditional and crypto-friendly financial institutions?

Cryptocurrency-friendly banks offer integrated systems for cryptocurrencies and provide online banking services.

As a result, these banks are a fantastic option for beginners searching for a simple method of investing in cryptocurrencies. Compared to cryptocurrency wallet platforms, these banks add a layer of security to the holder’s funds.

It’s worth noting that they frequently deal with well-known cryptocurrencies. Choosing major cryptocurrency projects supported by Bitcoin-friendly banks may lead to better long-term choices.

Furthermore, these banks actively support the cryptocurrency ecosystem by offering various services:

• Enable crypto trading
• Integrate with cryptocurrency exchanges
• Extend insurance coverage to crypto-related businesses

One of the key advantages of these banks is their seamless handling of funds between traditional accounts and cryptocurrency platforms.

Sometimes, they go beyond by introducing credit and debit cards that provide cashback in crypto.

The distinction between traditional banks and crypto-friendly banks is significant. Traditional banks often are cautious or sceptical about cryptocurrencies. Thus, they may not offer related services.

However, crypto-friendly banks are enthusiastic about cryptocurrencies. They provide services tailored to the cryptocurrency industry.

Read More:

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• Crypto Wallets That Allow Transfer to Bank Account
• How to Withdraw Crypto to Bank Account
• How to Transfer Crypto to Bank Account
• How to Open Bank Account Without Proof of Adress 
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