Revolut is easily the best challenger bank for crypto in 2023, allowing transactions with exchanges for all account levels, from credit and debit cards to wire transfers. What are the UK’s top Crypto-Friendly Banks? Revolut Specialising in crypto-friendly solutions for business accountsĪccepts transactions with crypto-exchanges (limited from 16th March 2023)Īccepts transactions with FCA-regulated crypto-exchanges (with limits)Īccepts transactions with FCA-regulated crypto-exchanges Account works for sole traders, freelancers, limited companies, partnerships, LLPs and PLCS Our Verdict on the Best Crypto-Friendly Banks Best Crypto-Friendly BanksĬryptocurrency focused since 2017 and part of their core direction and futureĪllows for cryptocurrency transactions and security-orientedĬrypto-friendly bank that is oriented towards tech, gaming and e-sport Your business must have a physical presence in the EEA and Switzerland. We’ll also cover which banks remain the most resistant.
This article will explore which UK banks currently classify as crypto-friendly, including their pros and cons. They’re also a means to extract ‘fiat’ (crypto terminology for government-issued currency) and transform it into decentralized digital assets. It is thought some 10% of UK adults hold some form of crypto and, as such, the government has recently announced plans to regulate the industry to benefit from the “confidence, credibility and regulatory clarity” of the existing systemįor some users, crypto represents a philosophical decision, a more democratic financial system that will power the metaverse and promote financial freedom.Ĭrypto-friendly banks are an essential middle ground between the old and new financial systems for these users. With a $1 trillion market capitalisation, the latest data suggests there are 420 million crypto users worldwide, with 3.7 million in the UK alone. Most UK banks remain risk-averse to cryptocurrency, with many prohibiting interactions altogether.ĭespite this, the market can’t be ignored. He also has extensive knowledge in the property finance areas within the UK, as well as the banking sector. Mike is also a Director on the board here at Business Expert and has a wide range of experience in invoice discounting and factoring after several years of advising UK businesses on this form of asset-based finance. Mike is currently a Director at Company Debt Ltd, which specialises in providing support and rescue options for UK SMEs in financial difficulty and who are in need of licensed insolvency advice. Since then, he has helped hundreds of directors navigate precarious financial positions. In 2007, Mike shifted his focus from Blue Chip companies to SMEs and began advising UK SMEs. He was also the Business Development Director at Legal & General, where he was tasked with developing alternative distribution and troubleshooting services for small to medium businesses.Īdditionally, Mike has served as the National Development Manager at Sun Alliance Life & Pensions, advising the board on company development for small to medium enterprises and troubleshooting underperforming branches and regions.
Through these roles, he gained a comprehensive understanding of financial services and the banking sector.Īs Head of Business Development at LaSer UK, where he was in charge of the development of new markets and processes for banking and credit cards, Mike was reporting directly to the board and the Managing Director.
Mike went on to work as a Director for Blue Chip boards of Sun Alliance, Legal & General, and Laser UK (BNP Parisba), all of which were regulated by the Financial Services Act and/or the Banking Act, requiring regular and frequent testing. The company was then sold to a major financial institution. He began his career as a financial planner in 1979, and within 11 years, he and his co-directors had grown the financial services business to one of the largest in the UK.
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Mike Smith is an experienced financial professional and serial entrepreneur with over four decades of experience in the financial services industry.
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