Bitcoin Trading Banks United Kingdom - Shut Down By Tide Bank

[CryptoScotland]

Good Evening Guys,

Maybe someone on here can help,  Had opened a Tide Bank Account and used it for 6-7 weeks for Buying and selling of Bitcoin mainly through LocalBitcoins.  As far as I am aware No Chargebacks etc but this week they froze my account and today informed me that the account will be closed.

I have eventually managed to withdraw funds but I believe they used Barclays for outward payments and Barclays basically told them that we can't operate the trading of Digital Currencies.

Maybe this has been discussed here before but what is an ideal bank for Bitcoin Trading on LocalBitcoin,  We have Fidor but it's too slow,  Tide was good as accepted Faster Payment.

Can someone recommend a good bank for Bitcoin Trading and in the UK.  Been stuck now for nearly 5-6 days and wanting to get back to trading as was great fun and some decent profit.

Maybe some eagle eye can help here.

[1714235513]

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[1714235513]

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[1714235513]

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[CryptoScotland]

Anyone help as plenty of people trading on LocalBitcoin and some big traders but I am unsure which bank they are using.  While I have accounts with high street banks don't want them shut down as require them for our main property business.

Thanks

[LeGaulois]

When you do this with large volume and a lot of trades (too much for them) Banks consider that you are misusing your bank account (I referer to a personal bank account). The banks consider that your account is showing an activity behaving like a business does and suspect you to use your personal account to do business activities which are not allowed in almost every bank worldwide. Each bank has their own criteria but will never tell you wich. Add to this those who don't want to operate with any activity related to cryptocurrency and you' are done.

I thought Fidor is a bank faster than the traditional ones. Try to take a look at Mistertango

[CryptoScotland]

When you do this with large volume and a lot of trades (too much for them) Banks consider that you are misusing your bank account (I referer to a personal bank account). The banks consider that your account is showing an activity behaving like a business does and suspect you to use your personal account to do business activities which are not allowed in almost every bank worldwide. Each bank has their own criteria but will never tell you wich. Add to this those who don't want to operate with any activity related to cryptocurrency and you' are done.

I thought Fidor is a bank faster than the traditional ones. Try to take a look at Mistertango

Hi,

I have not touched my High Street Bank accounts for trading as I know they will get shut down especially with volume coming and out.  However Tide Bank was a Business Account and they closed it.  Maybe sold or traded 6-8 BTC over 4 week period and just froze account and asked what I done and told them honestly what I done rather than lie.

Fidor to Fidor is instant but they don't do faster payments etc not good for trading as people want instant or near instant release of BTC.

I have looked @ Monaise Digital Bank same as Tide but they said No to Crypto while probably get away with it for a few days or weeks but don't want account frozen.

Will check Mistertango as well but unsure how the big traders do it as there turning around £30,000-£50,000 of BTC in a 12 hour period.

[CryptoScotland]

When you do this with large volume and a lot of trades (too much for them) Banks consider that you are misusing your bank account (I referer to a personal bank account). The banks consider that your account is showing an activity behaving like a business does and suspect you to use your personal account to do business activities which are not allowed in almost every bank worldwide. Each bank has their own criteria but will never tell you wich. Add to this those who don't want to operate with any activity related to cryptocurrency and you' are done.

I thought Fidor is a bank faster than the traditional ones. Try to take a look at Mistertango

Mistertango does not accept UK GBP Payments.  Require a UK Bank with Faster Payments ideally.  Otherwise need to trade in another country maybe.

[bitart]

More and more banks are saying no to cryptos nowdays, and more and more exhanges and online wallet providers are implementing AML and KYC regulations. My XAPO debit card will be cancelled on 10th December because I haven't identified myself properly in their system... I have used the card for just a few times, to check if it really works, so this will not be a major loss, but seems that the cashout will be much difficult in the future if this continues like this...

[CryptoScotland]

More and more banks are saying no to cryptos nowdays, and more and more exhanges and online wallet providers are implementing AML and KYC regulations. My XAPO debit card will be cancelled on 10th December because I haven't identified myself properly in their system... I have used the card for just a few times, to check if it really works, so this will not be a major loss, but seems that the cashout will be much difficult in the future if this continues like this...

Hi,

While when trading on LocalBitcoins as there are many scams we get the clients ID, Passport + There Bank Details so we know it's them doing the trade.  However yes it is getting difficult.

I am sure for a Bank or even a new Bank this is an untapped market and there is potential for growth.

Unsure how the other traders are trading on LocalBitcoin with which banks.

[CryptoScotland]

Hi,

Any Traders on here ideally in UK who can guide me.  Ideally a Business Account for trading on LocalBitcoin as many sellers are doing large volume but unable to find out which banks there using as I know 90% if UK Banks are no to Bitcoin & Crypto.

[fatcatz]

I don't think any UK banks are friendly to crypto sellers regardless of whether you are using a business or personal bank account. It's too high risk for them, closing your account is more profitable than the hassle/cost of AML and KYC checks it will bring later on.

Why don't you buy from one of those big traders then you will know which bank account they are using? My guess is they switch between a few accounts and/or are using accounts which can hide the trades ie they have businesses with a lot of deposits from non cryptocurrency sales.

Not many banks use Faster Payment so it's not a long list anyway.

[CryptoScotland]

I don't think any UK banks are friendly to crypto sellers regardless of whether you are using a business or personal bank account. It's too high risk for them, closing your account is more profitable than the hassle/cost of AML and KYC checks it will bring later on.

Why don't you buy from one of those big traders then you will know which bank account they are using? My guess is they switch between a few accounts and/or are using accounts which can hide the trades ie they have businesses with a lot of deposits from non cryptocurrency sales.

Not many banks use Faster Payment so it's not a long list anyway.

Hi they use Santander and normal Business Account banks,  I have Business Accounts but problem is not buying but when comes to selling and 100 transactions in and out.

Banks should support it but nightmare in UK and now only trade small amounts ideally want to trade 5-10 BTC a day

[Shrinath]

We are all aware a lot of the High Street Banks' don't like BTC and especially trading as have heard various people get there accounts shut down and then following all the other banks shutting them down. British banks are shunning companies that handle crypto currencies, forcing many to open accounts in Gibraltar, Poland and Bulgaria and prompting some to question the UK’s ambitions to be a global hub for the fast-growing fintech sector. Investor interest in bitcoin and other crypto currencies has surged since their prices rocketed this year, but traditional banks are steering clear of the sector, fearing it is riddled with criminals and fraudsters. The Financial Conduct Authority is worried that banks’ reluctance to open accounts for some fintechs is hurting competition after it hampered several start-ups entering its sandbox to test their business models under its supervision. However, banks are keeping their distance, worried by the fact that crypto currencies are commonly used by criminals to trade illicit goods on the “dark web”. A few countries, including Japan and Gibraltar, have created rules for crypto currencies, but they remain unregulated in many parts of the world, including much of Europe.

[CryptoScotland]

We are all aware a lot of the High Street Banks' don't like BTC and especially trading as have heard various people get there accounts shut down and then following all the other banks shutting them down. British banks are shunning companies that handle crypto currencies, forcing many to open accounts in Gibraltar, Poland and Bulgaria and prompting some to question the UK’s ambitions to be a global hub for the fast-growing fintech sector. Investor interest in bitcoin and other crypto currencies has surged since their prices rocketed this year, but traditional banks are steering clear of the sector, fearing it is riddled with criminals and fraudsters. The Financial Conduct Authority is worried that banks’ reluctance to open accounts for some fintechs is hurting competition after it hampered several start-ups entering its sandbox to test their business models under its supervision. However, banks are keeping their distance, worried by the fact that crypto currencies are commonly used by criminals to trade illicit goods on the “dark web”. A few countries, including Japan and Gibraltar, have created rules for crypto currencies, but they remain unregulated in many parts of the world, including much of Europe.

Does Cash not get used for criminals and fraudsters.  Banks' are the biggest FUDS!!!