Crypto friendly banks - revolut no more

FrankRizzo

Revolut used to allow you to buy from Coinbase, however looks like that has stopped.

Does anyone know of any crypto friendly banks that allow Coinbase transactions?

thanks

DannyCarey

Santander.

Frequentlyhere

DannyCarey said:

Santander.

I wouldn't put Santander in the friendly category, they're apparently banning all crypto transfers in the near future.

 https://www.reuters.com/business/finance/santander-block-uk-transfers-crypto-exchanges-2023-2022-11-04/

DannyCarey

Interesting - I saw that they were limiting transfers to exchanges (£3000 per month), which I guess is fine as the average Joe won't be doing that anyway.

I didn't see they intend to fully ban it until now. This will only hurt their own business and people will use other services. Personally I think its kinda outrageous that they allow many customers to gamble all their money away with the likes of paddy power etc but will stop you from putting your money into exchanges, whilst many banks are reckless with their own investments and need bailing out. 

km1500

I think the problem is that it's not that Santander care where you send your money - crypto or otherwise - it's just that crypto is used for so many scams and if it is a scam then the bank is potentially on the hook to refund you

Malthusian

DannyCarey said:

I didn't see they intend to fully ban it until now. This will only hurt their own business and people will use other services. 

If crypto is the future of money then Santander are going the way of Kodak and the dodo anyway, so they have nothing to lose.

Personally I think its kinda outrageous that they allow many customers to gamble all their money away with the likes of paddy power etc but will stop you from putting your money into exchanges, whilst many banks are reckless with their own investments and need bailing out. 

People who gamble on Paddy Power are less likely to demand a refund claiming they got scammed and Santander should have stopped them losing their money.

What bailing out? Santander didn't need bailing out during the 2008 crisis. Entirely the opposite - it took over a number of banks that were in trouble.

DannyCarey

I don't disagree with your points.

I wasn't meaning Santander in particular for bailing out, although they are hardly saints themselves..

https://www.fca.org.uk/news/press-releases/santander-uk-fined-£124m-widespread-investment-advice-failings#:~:text=Santander UK Plc has been,financial advice from its bank.

Millyonare

DannyCarey said:

Interesting - I saw that they were limiting transfers to exchanges (£3000 per month), which I guess is fine as the average Joe won't be doing that anyway.

I didn't see they intend to fully ban it until now. This will only hurt their own business and people will use other services. Personally I think its kinda outrageous that they allow many customers to gamble all their money away with the likes of paddy power etc but will stop you from putting your money into exchanges, whilst many banks are reckless with their own investments and need bailing out. 

UK gambling is (mostly) a heavily regulated industry that is under state control.

Crypto is (mostly) a wild west of pseudo-currency for dreamers and crims and not under state control.

Gambling is medium risk for a bank.
Crypto is high risk.

eskbanker

DannyCarey said:

many banks are reckless with their own investments and need bailing out

I think the words you're looking for are 'were' and 'needed', i.e. pre 2008, prior to the enforced separation of retail and investment banking....

DannyCarey

Credit Swisse?

FrankRizzo

is anyone able to deposit money into Coinbase or Binance? All my banks are rejecting payments!