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The news that UK banks are outright banning users from buying crypto has been met with shock and dismay by many in the crypto community. The move, which was announced by the UK’s Financial Conduct Authority (FCA), has been seen as a major setback for the industry, as it could potentially limit the ability of UK citizens to access and invest in digital currencies.
The FCA’s decision to ban UK banks from allowing customers to buy crypto is based on the fact that digital currencies are highly volatile and unregulated. This means that there is a high risk of customers losing their money if they invest in crypto. The FCA also believes that crypto is often used for money laundering and other criminal activities, and that banks should not be facilitating these activities.
The ban has been met with criticism from many in the crypto community, who argue that it is unfair to punish all crypto users for the actions of a few. They also point out that the ban could have a negative impact on the UK’s economy, as it could limit the ability of UK citizens to access and invest in digital currencies.
Despite the criticism, the FCA is standing by its decision, and it is unlikely that the ban will be reversed anytime soon. This means that UK citizens will have to find alternative ways to buy and sell crypto, such as through peer-to-peer exchanges or online brokers.
Overall, the FCA’s decision to ban UK banks from allowing customers to buy crypto is a major setback for the industry. It could potentially limit the ability of UK citizens to access and invest in digital currencies, and it could have a negative impact on the UK’s economy. However, it is important to remember that the ban is in place to protect consumers from the risks associated with investing in crypto, and it is unlikely to be reversed anytime soon.
You can always on-ramp using other methods like [localbitcoins.com](https://localbitcoins.com) or other P2P services. Once you’ve on-ramped, you can just hold your own crypto in self custodial wallets. Your tradfi banks can remain oblivious to what you do with your money.
How do they ban this? There are so many random exchanges that will accept your money that probably isn’t on their transaction blacklist like Binance etc.
Chokepoint 2.0: Global
How is this even legal?
Binance P2P says hello.
Happened at my bank in Canada a few years back. Immediately closed my accounts and switched.
The bank: you can’t spend ur money there for ur safety
Also the bank: you need $800 from a ATM at the casino. No problem.
I was banned from HSBC UK because I did some binance transactions. Closed my HSBC bank account days later. I have been using Monzo for years and more recently Revolut and all my transactions regarding crypto were fine with them.
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EDIT: apparently monzo doesn’t allow binance deposits anymore.
First they use your money and leverage trade without your permission.
Now, they ban you from buying crypto.
More reasons why not to trust banks anymore.
Find an alternative way to buy crypto. As in not a bank
I’m with Lloyds tsb and so far so good with them
*UK Banks are protecting users from crypto
Fixed that for you /s
P2P saves my life. But Is that country moving backward?
These fucking banks are so funny
Not only in the us, here too (Europe).
I quit my bank when they said they are looking for my best interests 🖕
1) find a clearly crypto friendly bank
OR
2) use p2p to buy crypto
3) to spend the earnings swap your coins to stable coins and buy things with a crypto visa or Mastercard so you never have to withdrawal to your bank.
~~Not your keys, not your crypto~~
Your bank passwords, but the bank’s money
Fuck UK, instead of making it easier for people they do this, their economy is already shit
Some advice for those having issues with these banks. Get a free Revolut account. You can transfer to Revolut from your bank, and then on to your exchange from Revolut. It’s annoying, but should work.
I switched to P2P because of this . Banks are absolutely hellbent on making things hard for crypto investors.
Crazy that third world countries in Africa and places in South America are ahead of Uk and the West in terms of crypto adoption. Who would have seen that coming two years ago?
Banks: You can’t invest in crypto, Trust us bro we are protecting you.
Also Banks: Oh the money that’s in your account? Yea that’s not actually real, we used it to over leverage ourselves and pretend like we know fuck about shit.
Join Revolut. They allow you buy within the banking app but you don’t have a wallet. But they also allow you use your card to purchase crypto. Just use your normal bank for normal banking then your Revolut for your stocks shares and crypto etc
RBS and Revolut are still ok
I have swapped / closed bank accounts for this very reason.
I thought the new PM was issuing a bunch of crypto friendly statements…
All empty words or has he no control over the banks?
Metro Bank is one UK bank which currently doesn’t restrict crypto relate fiat transfers 🙂
TSB, Lloyd’s Nationwide, Santander all restrict in some way or another 🙁
But they don’t restrict gambling related fiat transfers in any way !
REVOLUT IS KING
I have been using a pre-payment Wise card for a year or so. Instant payment bank to Wise then instant payment Wise to exchange. The banks are non the wiser!
Laughs in Revolut
Nationwide haven’t banned debit card purchases. They’ve added limits (£5k / day) to both debit card purchases and bank transfers to exchanges.
https://www.nationwide.co.uk/help/fraud-and-security/cryptocurrency-payment-restrictions
It’s not really as much a conspiracy as suggested. UK banks are being held liable for dumb customers sending money from their accounts to scams, and many of those scams involve buying crypto to send to the scammer for whatever reason – romance scam, investment scam, etc.
It’s expected that banks would therefore look to put restrictions on this, not because a small percentage of customers are crypto bros that want to buy Bigdongcoin on Binance, but because the majority of the banks customers are idiots who are easily scammed.
It definitely isn’t because ‘oh no crypto is killing our business so we retail banks must shut it down’.
Nationwide have not outright banned users from buying Cryptocurrency, this is pure misinformation.
You cannot use a credit card, which is completely reasonable because that’s not your money, and they have put a daily limit of £5000, that’s an extremely large amount annually.
Nationwide hasn’t banned people from buying crypto. They have introduced restrictions on the amount you can buy to the tune of 5k per day and per account. Payments received from crypto exchanges are still unrestricted.
Nationwide is my bank, which is how I know.
Nationwide has not outright banned buying crypto but have introduced a £5k per day limit.
Also to all the people saying to switch banks to Revolut, they are not a bank in the UK.
I expect this comment to be burried but it’s the truth on both parts.
Customer: Don’t tell me what to do with my money !!
Banks: OUR MONEY
I just transfer my money to Revolut and then on the exchange, it’s a bit of an inconvenience but it works perfectly with no extra fees.
Banks now telling people how to spend their hard earned money? Bruh..
I’ve slowly been moving all my money into bitcoin
I’m using monzo to avoid problem with my bank.
Transfer cash to Revolut and proceed as usual
Barclays did this ages ago, just started using Revolut, all good 🙂
Transfer funds to revolut and problem solved
Firstly, Nationwide’s stance “to protect their customers” is 100% understandable. Nationwide is NOT a bank. It is a MUTUAL. It is run by it’s members who vote on decisions, and if the members (people who deposit their money and make up the building society) vote and decide on an action to protect their fellow members – then so be it. It’s like members of a people’s Christmas fund deciding they don’t want their pot to be put into crypto.
But banks on the other hand, like HSBC – i understand they are governed by UK banking law who give strong recommendations on restrictive limits for deposits and withdrawals to crypto exchanges.
No, i don’t like it – but it is their business prerogative. Their interest is to keep YOUR money within their banking system, so they can lend it out (and go to the Bank Of England for fractional reserve money).
So just like a bank can decide NOT to give Mortgage loans, or give overdrafts, they can restrict payment requests out to crypto exchanges.
**It is really sad that people here do not understand how the banking system works. Thinking ‘it is our money so we should be able to do what we want with it, When you open and use a bank account, you are bound by their terms and conditions.**
Yes it’s OUR money, but if we don’t like it, no one is forcing us to use that bank. I can tell NatWest or HSBC “i wanna close my bank because you refuse or limit deposits/withdrawals to exchanges” but that is MY prerogative.
We can keep our money under the mattress. But then, how will we on/off-ramp ?
If we are to reach mass adoption, an intelligent critical compromise has to be met and realised between us crypto heads, regulatory bodies and the masses.
I use Santander and not had any issues so far 🤞
Monzo allows you to spend your money as you’d like and is what I use. Would recommend to everyone
Banks and “in the interest of protecting our customers”. Name a more iconic duo.