British banks have been cracking down on cryptocurrency fraud for several years now by blocking customers from sending money transfers to crypto exchanges, while also aiming to protect inexperienced investors from making costly mistakes.
The crypto market remains a hotspot for scammers. These bad actors use exchanges to move stolen money into cryptocurrencies that are much harder to trace. The Financial Conduct Authority (FCA) continues to report significant losses – totaling hundreds of millions of pounds annually – linked to social media investment scams, a trend that has accelerated since 2019.
Crypto Regulation in 2026
In June 2021, the FCA banned Binance Markets Ltd from operating in the UK. While Binance has since made global compliance shifts, many UK banks still maintain strict blocks on the platform.
More importantly, The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 were passed in February. This new law officially brings crypto under the same regulatory umbrella as traditional finance. An authorisation gateway opens in September 2026, meaning many current banking bans may be reviewed once exchanges become fully licensed under the new UK regime.
Current Bank Sentiment
Approximately 47% of major UK banks still do not offer full support for cryptocurrencies. While exchanges like Kraken and Coinbase maintain high security standards, many banks still argue these platforms are high-risk.
I tested this using my personal accounts. A transfer from Barclays to Kraken was successful, but Halifax and NatWest blocked transfers to Coinbase and Binance instantly.
Which UK Banks Have Banned or Limited Crypto?
Banks generally allow transactions with FCA-registered firms like eToro↗︎, which has been operating since 2017 and currently offers over 80+ cryptocurrencies. Not only is eToro↗︎ considered safe, but it is also a well-known and established fintech company. However, for most other exchanges, policies vary wildly.
Invest Smart
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.
NatWest
- Business Banking: Prohibited.
- Personal Banking: Restricted.
- Policy: NatWest will not provide business accounts to companies accepting crypto. For personal customers, they enforce a £1,000 daily limit and a £5,000 monthly limit on transfers to exchanges.
Barclays (Including Tesco Bank)
- Personal Banking: Restricted / Credit Banned.
- Policy: Following Barclays’ 2024 takeover of Tesco Bank, both brands now follow the same rules. Barclaycard and Tesco Credit Cards are strictly blocked for crypto purchases. Debit transfers are allowed but capped at £2,500 per transaction and £10,000 per month.
Nationwide (Including Virgin Money)
- Personal Banking: Limited.
- Policy: Nationwide completed its acquisition of Virgin Money in April 2026. Both now enforce a £5,000 daily limit on crypto spending via debit cards. Credit card purchases remain strictly prohibited across both brands.
TSB
- Personal Banking: Prohibited.
- Policy: TSB’s total ban remains in effect. They block all payments to crypto exchanges, citing that a large portion of their fraud cases originate there.
Monzo
- Personal Banking: Friendly.
- Policy: Monzo is one of the few banks that identifies as “crypto-friendly,” though they still monitor and may block specific transactions they deem high-risk.
Starling Bank
- Personal Banking: Prohibited.
- Policy: Starling continues to block all outgoing payments to crypto exchanges, including debit card and bank transfers.
Lloyds Bank / Halifax / Bank of Scotland
- Personal Banking: Credit Banned / Debit Restricted.
- Policy: These banks block all crypto purchases made on credit cards. Debit transfers are reviewed on a case-by-case basis and are frequently flagged or blocked by automated systems.
HSBC
- Personal Banking: Limited.
- Policy: HSBC allows transfers but imposes a hard ceiling of £2,500 per transaction and £10,000 per month.
Santander
- Personal Banking: Limited.
- Policy: Santander blocks all outgoing transfers to Binance. For other exchanges, they limit transfers to £1,000 per transaction and £3,000 per month.
Chase UK
- Personal Banking: Prohibited.
- Policy: Chase continues its strict policy of declining all outgoing payments to crypto asset providers, though they allow customers to receive funds back into their account from exchanges.
Recommended: The Indie Guide To Cryptocurrencies
A practical guide to crypto investing, covering tax-efficient 2026 ETPs, hardware security, and key principles for long-term investment.
Frequently Asked Questions
Are banks stopping cryptocurrency? Most UK banks aren’t stopping it entirely, but they are making it harder by imposing small daily limits. If you use an FCA-regulated platform, you are less likely to face issues.
Which banks have a total ban? As of 2026, TSB, Starling, and Chase have the strictest “no-outgoing” policies. Barclays, Lloyds, and Nationwide have total bans on using credit cards to buy crypto.
Which banks are crypto-friendly? Revolut, Monzo, and Nationwide are generally the most accessible for crypto users, though they still apply fraud-monitoring limits.
