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– TIMESTAMPS –
2:29 What Happened with Binance?
6:04 Who Not to Bank With?
9:47 Crypto Friendly Banks
10:56 4) Fidor Bank
12:59 3) Monzo
14:37 2) Nuri
16:16 1) Revolut
19:07 Top Banking Tips
⛓️ 🔗 Useful Links 🔗 ⛓️
► FCA warning: https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group
► Binance response to FCA: https://twitter.com/binance/status/1409229415846981634
► GBP outage on Binance: https://www.ft.com/content/2d427ed7-f9e4-46cf-a4c4-46429b19df5d
► SEPA payment suspension: https://www.ft.com/content/bf99e9e3-d104-4a92-81a1-8bd70b884b3f
► Binance & Clear Junction: https://clearjunction.com/news/binance-transactions/
► Santander’s position: https://twitter.com/santanderukhelp/status/1413113607345278976
► Banks Vs Binance: https://www.thestreet.com/crypto/news/major-uk-banks-to-halt-binance-transactions-angering-clients
►Natwest crypto ban: https://www.coindesk.com/uk-bank-natwest-limits-amount-users-can-transfer-to-crypto-exchanges
► HSBC’s anti crypto stance: https://www.thetimes.co.uk/article/bitcoin-holders-barred-from-depositing-profits-in-uk-banks-pgswbfrdz
► HSBC & MicroStrategy: https://www.theblockcrypto.com/post/101448/hsbc-microstrategy-shares-ban-bitcoin-concerns
► Fidor funding provider for Kraken: https://support.kraken.com/hc/en-us/articles/360048657612-Fidor-AG-funding-provider
► Bitcoin.de integrates Fidor: https://www.coindesk.com/bitcoin-de-launches-integration-with-fidor-bank-accounts
► Monzo crypto stance: https://twitter.com/monzo/status/1412117505183830020?s=21
► Monzo fees: https://monzo.com/legal/fee-information
► Nuri rebrand: https://www.finextra.com/pressarticle/87705/bitwala-rebrands-as-nuri
► Nuri country support: https://nuri.com/supported-nationalities/
► Revolut country support: https://www.revolut.com/en-BE/help/profile-plan/verifying-identity/what-countries-are-supported
🏦 Choose Your Crypto Friendly Bank 🏦
► Fidor Bank: https://www.fidor.de
► Monzo: https://monzo.com
► Nuri: https://nuri.com
► Revolut: https://www.revolut.com
⁉️ What Happened with Binance? ⁉️
The UK’s FCA dropped a consumer warning about Binance Markets Limited back on the 26th of July. That stated that Binance Markets Limited wasn’t permitted to undertake regulated activity in the UK. It also went on to say that no other entity in the Binance Group holds any form of UK authorization, registration or license to conduct regulated activity in the UK
All that led to many Brits worrying if Binance was going to be barred from serving the UK market
Thos chaps at Binance responded the next day, explaining that the notice only referred to Binance Markets Limited and that services provided by Binance.com were not provided by this entity. Therefore, that FCA notice had no impact on services offered by Binance.
Despite this, UK customers on Binance started reporting GBP withdrawal issues on the exchange. It transpired that their payment processor, Clear Junction, had dropped then thanks to that FCA notice.
Things got even worse when Binance users started reporting problems with SEPA deposits. So, the problem spread to the rest of Europe.
💰 Who Not to Bank With? 💰
The plot in the Binance saga thickens, with Barclay’s leading the charge against Binance. Santander joined them hours later. Both banks sent messages to customers saying that they were blocking payments to Binance due to that FCA
Then you have NatWest who placed limits on the amounts that users could transfer to crypto exchanges just days before the FCA ban
HSBC went even further earlier this year by saying that “HSBC will not process cryptocurrency payments”
👍 Crypto Friendly Banks 👍
I’ve got friends who say that transactions to crypto exchanges are being processed by Halifax, Metro Bank and First Direct.
However, what are my picks for the most friendly crypto banks? Well, that would be: Fidor, Monzo, Nuri and Revolut
💪 Top Banking Tips 💪
Watch my video to learn about my own personal crypto banking setup and my top tips to help you avoid getting that account frozen
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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