Which Fiat Bank Accounts are 'Crypto Friendly'?

[dim_mak5]

Hi from UK,

Yes which bank accounts in the UK that are FSCS regulated that are crypto friendly meaning lets say for example you sell crypto on Coinbase, Kraken or Gemini for Fiat (not stable coins) and afterwards you like to transfer your fiat from your CEX to a £GBP bank account. Which £GBP FSCS regulated bank accounts are crypto friendly meaning they wont freeze you bank account if they see a incoming transfer from a crypto CEX.

Or which non-FSCS £GBP bank accounts, a bank that is too big too fail (will get bailed out by a Government in a financial crisis) are crypto friendly? Are Revolut & Wise the only ones? If Revolut and Wise go bankrupt will they be bailed out by which Government? How many customers globally does Revolut & Wise has & which countries these banks are associated with if they are classed as international banks?

Or please recommend off-ramps to Fiat cash otherwise what is the point of UK crypto hodlers who cant even cash out to enjoy their profits?

As a UK citizen which bank accounts can I open globally and have the same protections as the native citizens of that country?

Cheers,

[freedomgo]

Try to check this article.

11 Best Crypto-Friendly Banks in the UK

[dim_mak5]

Try to check this article.

11 Best Crypto-Friendly Banks in the UK

Thanks, you know from the list which ones are both FCA regulated & have FSCS protection?

[freedomgo]

Try to check this article.

11 Best Crypto-Friendly Banks in the UK

Thanks, you know from the list which ones are both FCA regulated & have FSCS protection?

These 3, just click the links and explore the information you need on their respective websites.

Revolut
Monzo
ClearBank:

[notocactus]

Or please recommend off-ramps to Fiat cash otherwise what is the point of UK crypto hodlers who cant even cash out to enjoy their profits?

As a UK citizen which bank accounts can I open globally and have the same protections as the native citizens of that country?

UK citizens with their experience can help you better but have you checked JP Morgan bank?

JP Morgan Chase are participating in 5 categories of cryptocurrency. Jamie lies!. They have branch in the UK, and I hope that they can provide friendly services for cryptocurrency users through their bank.

Bitwise's Crypto Market Review Q4 2023

[dim_mak5]

Try to check this article.

11 Best Crypto-Friendly Banks in the UK

Thanks, you know from the list which ones are both FCA regulated & have FSCS protection?

These 3, just click the links and explore the information you need on their respective websites.

Revolut
Monzo
ClearBank:

Alright I see Revolut & Monzo in the link we mentioned but I do not see ClearBank, where you pulled ClearBank from may I ask? I see ClearBank is used by the Strike App. So if I have an account with Strike then I automatically have an account with ClearBank and to confirm is ClearBank offers FSCS protection?

Also I googled Revolut & Monzo and see that Monzo offers FSCS protection, your sure Revolut offers FSCS protection?

Lastly anyone know if the Curve App offers FSCS protection?

[dim_mak5]

Or please recommend off-ramps to Fiat cash otherwise what is the point of UK crypto hodlers who cant even cash out to enjoy their profits?

As a UK citizen which bank accounts can I open globally and have the same protections as the native citizens of that country?

UK citizens with their experience can help you better but have you checked JP Morgan bank?

JP Morgan Chase are participating in 5 categories of cryptocurrency. Jamie lies!. They have branch in the UK, and I hope that they can provide friendly services for cryptocurrency users through their bank.

Bitwise's Crypto Market Review Q4 2023

They maybe crypto friendly to their institutional investors with big deep pockets but are they just as crypto friendly to retail investors and to confirm they offer FSCS protection?

[Potato Chips]

Recap.io did a more in-depth research on which are most crypto-friendly banks among the choices in the UK. I suggest reading it, as well.

Here's a quick table tho:

Article: https://recap.io/en-US/reports/revealed-the-most-crypto-friendly-uk-banks

You may want to hear some personal experiences from your fellow locals at r/BitcoinUK, as well -- subreddit.

[dim_mak5]

Recap.io did a more in-depth research on which are most crypto-friendly banks among the choices in the UK. I suggest reading it, as well.

Here's a quick table tho:

Article: https://recap.io/en-US/reports/revealed-the-most-crypto-friendly-uk-banks

You may want to hear some personal experiences from your fellow locals at r/BitcoinUK, as well -- subreddit.

Hi is there a full size screenshot available of the picture please?

[Potato Chips]

Hi is there a full size screenshot available of the picture please?

Sorry, had to resize the image I posted. I guess it was too small 😅

But taking a 2nd look at the article where I got the image from, I don't think it's a full resolution nor they provided a link for it. I however zoomed-in and found the text readable enough -- I prefer to open the image in new tab first as it's easier for me. Or is it still not readable for you?

[EluguHcman]

I am not from the UK but can clearly tell that the UK do accepts Bitcoin as legal tender for payments and services.
The existed crypto exchanges supported with the P2P by the government of the UK does not seem to distance any bank from transacting of exchange with the cryptocurrency in as much all the sectors are being regulated by the federal governments of the UK.

Maybe if there is some worth described banks not associated with the crypto on exchanges, probably must be of the banks reputations or inability to bear the standard order of its government.

[Porfirii]

I am not from the UK but can clearly tell that the UK do accepts Bitcoin as legal tender for payments and services.
-snip-

I think that you're wrong EluguHcman. Legal tender means that a vendor can't refuse to accept Bitcoin as a means of payment, like what they did in El Salvador. That's not true in the UK as far as I know (and I should know it because the news would be really trascendental) and, unlike with fiat, everyone there can freely decide whether accept it or not.

I think that you're getting confused by the terms and equating "legal tender" to "not illegal".

Edit: "Legal tender" in orange (you'll need to zoom in).


Source: https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory

[MusaMohamed]

I think that you're wrong EluguHcman. Legal tender means that a vendor can't refuse to accept Bitcoin as a means of payment, like what they did in El Salvador. That's not true in the UK as far as I know (and I should know it because the news would be really trascendental) and, unlike with fiat, everyone there can freely decide whether accept it or not.

I think that you're getting confused by the terms and equating "legal tender" to "not illegal".

Edit: "Legal tender" in orange (you'll need to zoom in).


Source: https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory

Some websites with information on Legality of Bitcoin.

https://newhedge.io/terminal/bitcoin/legality-map
https://coin.dance/poli/legality
https://www.atlanticcouncil.org/programs/geoeconomics-center/cryptoregulationtracker/

I will try to have less connections of my bank accounts and Bitcoin & Cryptocurrency tradings because banks are centralized and controlled by governments. They can freeze my bank accounts anytime and seize all my fund too. Policies from governments on commercial banks can change quickly and having prevention on risk from bank accounts is better.

[Alone055]

I will try to have less connections of my bank accounts and Bitcoin & Cryptocurrency tradings because banks are centralized and controlled by governments. They can freeze my bank accounts anytime and seize all my fund too. Policies from governments on commercial banks can change quickly and having prevention on risk from bank accounts is better.

That happens a lot in our country, and the same thing should be anticipated from banks in other countries as well because banks and other financial institutions will never be in favor of cryptocurrencies because they consider Bitcoin to be a rival to their services. Anyone having any sort of involvement with cryptocurrencies needs to make sure their bank doesn't get to know about it. When making P2P trades, make sure you and the other trader don't mention anything about cryptocurrencies because that can get you in trouble. Binance even gives you this warning when you are doing a P2P trade so that you don't get your account blocked.

I have seen so many people facing problems with their bank accounts because of this. The bank officials block their accounts as soon as they feel they are involved either in cryptocurrencies or any other business that they consider shady, and believe me, I say this because I have experienced this myself, you wouldn't want to get into these things because they won't get your problem solved easily and make you visit them so many times with so many documents and so. It's a tiring process.

[DiMarxist]

The government policy on cryptocurrency cut across all the commercial banks in the country so if you are looking for a crypto friendly bank then I will tell you that there is non because all execute the Apex Bank policy. And instead of using bank I recommend you to use exchange to buy and sell. Because of you use a crypto friendly bank, you information will stored as a crypto enthusiast in the database through the KYC. But if you use exchange it is only the account number will be used.
If mine is not good to use then you can use any of the above recommended ones and use it . I wish you all the best in your crypto journey.