Banks That Don’t Allow Crypto: Which Major Banks…
By Damilola Esebame
AI summary of the source article
Major financial institutions in the US and UK continue to restrict cryptocurrency purchases, primarily through credit cards. US lenders including Bank of America, JPMorgan Chase, Citibank, Wells Fargo, and Capital One prohibit credit card crypto purchases, though most still permit debit cards and wire transfers. In the UK, HSBC and Nationwide restrict credit card transactions, Metro Bank halted outbound payments to exchanges in November 2024, and banks like NatWest, Barclays, and Santander impose strict transfer caps. These restrictions are internal risk-management choices rather than regulatory requirements, contrasting with crypto-friendly alternatives like Ally Bank, Revolut, and Monzo.
Why it matters
The persistent banking restrictions affect retail onramps and create tension with government ambitions, particularly in the UK, to establish a global digital finance hub.
Key facts
- Four of the largest US banks—Bank of America, JPMorgan Chase, Citibank, and Wells Fargo—ban crypto purchases via credit cards.
- Metro Bank stopped processing outbound payments to known crypto exchanges across all payment methods in November 2024.
- UK banks including NatWest, Barclays, and Santander enforce strict monetary caps on transfers to crypto platforms rather than outright bans.