A report by Finder.com confirmed that a total of 4 banks in the United Kingdom are fully crypto-friendly.
The UK is a high-tech-adaptive region in the world, where different lawmakers & tech proponents are trying to bring the use of crypto & blockchain technology into the financial system so that people can get better banking services with the use of a decentralized banking system.
On 14 October, The Fintech Times published a report on behalf of finder.com’ data and noted that seven contacted banks are high crypto haters and they don’t allow their customers to deal with cryptocurrency-related banking transactions.
This survey was conducted on a total of 17 Banks and 7 of them found a highly crypto hater & doesn’t allow customers to deal with any banking services for crypto-related activities, which is not a very negative part because other banks are friendly for the crypto Sector.
The survey found that 4 out of 17 contacted banks are highly crypto-friendly and it is easy for their customers to deal with crypto-related activities. These banks are Starling, Monzo, and Revolut. These banks allow banks, Card & other very kinds of payment support to deposit & receive funds in between the exchange, except at Binance exchange which is fully banned to operate in the United Kingdom.
In the contacted banks Barclays, Lloyds Bank, Bank of Scotland, NatWest, and RBS were found as neutral Banks toward the crypto sector. That means, these banks have no ban, no favor rules for the sector. The services by these banks are not very friendly to the crypto companies but still, their clients can transfer funds between banks to crypto exchanges easily.
Kate Anderson, from Finder.com, said:
“It’s clear from the research that banks are taking the security of their customers seriously, which is vital, although there’s certainly room to improve the communication of their policies. Cryptocurrency isn’t going away, so this patchy communication is something that will need to be remedied sooner rather than later.”
In the present time, the majority of the leading players are trying to bring crypto technology-supported payment systems into daily life but notably, The financial conduct authority (FCA), a leading financial regulatory body of the UK, is not much in favor of the Crypto sector. It is a very tough job for crypto companies to get regulatory approval from FCA to operate in the UK.