What UK banks are banning crypto buying?

What UK banks are preventing customers from buying crypto in the UK.

The British banking sector is taking a stand against cyber-crime by preventing customers from making cash transfers to crypto exchanges.

Fraudsters are also using crypto exchanges to transfer and convert victims’ money into untraceable cryptocurrencies.

The FCA recently reported that UK consumers had lost more than £60 million due to social media investment scams in the past year.

In June (2021), the Financial Conduct Authority (FCA) warned that it would be banning Binance Markets Ltd from operating in the UK. Since the announcement, many UK banks have made the decision to stop customers from making payments to several crypto trading platforms.

Banks claim that trading platforms such as Binance, Kraken, Kucoin and Coinbase do not perform adequate security checks to prevent criminals from using said platforms to launder money.

Kraken and Binance have refuted the claims made by UK banks, saying that they take the responsibility of protecting users from fraud very seriously.

The number of UK banks banning their customers from buying cryptocurrencies is increasing, with the likes of Barclays, Monzo and TSB being the latest to take a stand.

I have a Coinbase, Binance and Kraken account, so I put this to the test.

I transferred funds from my personal Barclays account to Kraken and had no problems, my account was funded successfully, and I was able to withdraw back to my account without any issues. Halifax, on the other hand, blocked me from moving money to Coinbase and Binance, so did Natwest.

What UK banks have banned crypto buying, and what banks allow it?

Let’s take a look at some of the UK banks preventing customers from buying, selling or even receiving cryptocurrencies from crypto biggies Kraken, Binance and Coinbase.

One thing to note is that banks will not involve themselves if you are buying cryptocurrencies from FCA regulated companies such as eToro.

eToro is considered safe because its UK arm is regulated by top-tier financial authorities and it is a well-known fintech company.

UK Banks:


Business Banking: Prohibited
Personal Banking: Under Review, Binance Prohibited

Natwest will not accept and will terminate its business relationship with any UK business receiving or thinking of accepting crypto as a form of payment. They have also warned personal banking customers that they will conduct extra financial crime checks on those who want to dabble in cryptocurrencies. Binance transfers have been strictly prohibited.

Natwest cryptocurrency FAQs


Business Banking: Under Review
Personal Banking: Under Review

Although Barclays has begun taking measures to ban crypto buying, it seems they are currently only blocking money transfers to some exchanges including Binance and SwissBorg. Barclays were in business with Coinbase until 2019 but ended the working relationship due to money laundering concerns.


Business Banking: Prohibited
Personal Banking: Prohibited

TSB recently announced plans to ban all 5 million customers from transferring payments to all crypto exchanges, including Binance and Kraken.

TSB cryptocurrency FAQs


Business Banking: Prohibited
Personal Banking: Accepted

Monzo has changed its stance on crypto with the bank now saying they are crypto-friendly.

From time to time Monzo may block a small number of transactions based on risk.

Monzo cryptocurrency FAQs

Starling Bank

Business Banking: Under Review
Personal Banking: Under Review

Starling Bank initially decided to suspend all payments to crypto exchanges; however, the digital bank has said it will resume cryptocurrency exchange transfers on June 23 2021, after a rigorous enhanced payment review.

Lloyds Bank

Business Banking: Prohibited
Personal Banking: Under Review

Lloyds bank placed a ban on buying cryptocurrencies on its credit card. The bank continues to assess other types of payment on a case-by-case basis. This also extends to Halifax and the Bank of Scotland.


Business Banking: Prohibited
Personal Banking: Prohibited

HSBC strictly prohibits customers from sending or receiving money from any crypto exchange. They have recently also stopped allowing customers using HSBC credit cards to fund their accounts.


Business Banking: Prohibited
Personal Banking: Prohibited

Santander strictly prohibits customers from sending or receiving money from any crypto exchange.

Metro Bank

Business Banking: Prohibited
Personal Banking: Prohibited

Like Natwest, Metro Bank will not do business with any company accepting cryptocurrencies. The bank will also close personal accounts with a high volume of transactions from and to crypto exchanges.


Personal Banking: Under Review, Binance Prohibited

Unlike all other high street banks, Nationwide remains one of the very few that have not put any restrictions in place (says their website) except for transfers to Binance. However, the bank has stressed that it will review any unusual activity including payments to crypto exchanges.

Virgin Money

Virgin Money has been blocking customers from purchasing crypto on their credit cards as far back as 2018 and the restriction remains in place.

Tesco Bank

Although Tesco Bank is closing down all its current account offerings, it will still be offering credit cards, loans and insurance products. Tesco recently said anyone using their Tesco credit cards to fund Crypto trading accounts will be blocked.


Until there is clear clarity and regulation, investors will continue to face restrictions from buying or selling cryptocurrencies from crypto platforms that are not registered with UK regulators.

Talk To Us

Have you experienced any problems with transferring funds to and from any crypto exchanges from your bank? Get in touch and let us know.

Not Investment Advice Indie Investor is for general information use only. It must not be relied upon by readers when making (or not making) their investment decisions. If in doubt you should seek advice from a professional financial adviser.

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  1. Helpful updates on established banks approach to crypto exchanges, where can I find out about banks consistent in their support?

  2. Halifax keeps blocking any transaction Im trying to do with Binance. This is just another form of CONTROL and needs to stop. We jump through hoops with complying with 2 factor authorisation, app transaction approval etc and they still have the AUDACITY to block transactions. Its my money and I have the right to spend it as I wish. Will soon be kicking Haifax and taking my business elsewhere.

  3. This is absolute crap, I am sorry to say – it all depends on your credit/money flow history, Lloyds in my case has never ever blocked anything, and I have transfered 5 figure sums in and out. Misleading article!


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