As the UK continues to explore how to approach cryptocurrencies, a significant portion of banks in the region are willing to allow customers to interact with digital assets. Notably, banks act as a means of connecting customers to platforms such as crypto exchanges.
Along these lines, only 47% of UK banks do not have policies allowing customers to engage in cryptocurrency exchanges, with the majority citing security concerns, a Finder.com research published by Fintech time October 14 indicates.
The survey incorporated feedback from 17 major UK banks, building societies and banking apps. Seven of the banks contacted do not allow transfers or debit/credit card purchases involving crypto exchanges. Some of the banks on this list include Halifax, HSBC, The Co-operative Bank and TSB.
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The survey concluded that only four banks could be considered crypto-friendly. The category includes digital-only banks or banking apps, including Starling, Monzo, and Revolut.
Notably, the platforms allow transfers and withdrawals from crypto exchanges in addition to Binance, which is banned in the country.
According to the research, a cryptocurrency-friendly bank has almost no restrictions on customer interactions with a cryptocurrency exchange. In particular, customers can buy cryptocurrency using their debit card, make payments to exchanges, withdraw money from their crypto wallet and deposit it into a checking account.
Additionally, banks like Barclays, Lloyds Bank, Bank of Scotland, NatWest, and RBS have a blended approach with different policies for customers to interact with cryptocurrencies. Notably, they host restrictions such as blocking credit card payments and certain exchanges.
“It is clear from the research that banks take customer security seriously, which is vital, although there is certainly room for improvement in communicating their policies. Cryptocurrency is not going away, so this uneven communication needs to be fixed as soon as possible,” said Kate Anderson of Finder.com.
UK crypto regulations
The survey results come at a time when the UK is struggling to establish a crypto regulatory framework aimed at making the region a hub for digital assets. Notably, exchanges have emerged among the top avenues to get involved in crypto, with the country registering a significant number of investors.
For example, as Finbold reported on September 23, UK citizens had spent over £31.795 billion ($34.7 billion) investing in cryptocurrencies.
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Over 50% Of Major UK Banks Allow Customers To Interact With Crypto Exchanges
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