In a pivotal move, renowned cryptocurrency analyst Cheeky Crypto has unveiled the top 10 cryptocurrency-friendly banks in Europe, the UK, and the US. In a recent YouTube video, he shared valuable insights on these financial institutions, emphasizing the importance of banking options accommodating crypto-related activities.
The startling insight shared in the video narrates an unexpected encounter with traditional banking resistance towards crypto transactions. Chris Regan, who used the digital channel platform Santander, had his account frozen suddenly without any prior notice or clear reason. When he contacted the bank to inquire about the issue, he found out that his account was terminated due to concerns regarding his frequent crypto transactions to and from cryptocurrency exchanges.
Contrary to common assumptions about the crypto-friendliness of banks, Santander’s disapproval arose solely from Chris’ crypto-related transactions, demanding detailed information about his crypto holdings and transactions. This revelation stirred astonishment within the crypto community.
Diving into the list of crypto-friendly banks, the analyst ranking begins with Revolut, renowned for its crypto-friendly interface supporting multiple cryptocurrencies for trading, flexible buying options, and facilitating crypto spending through debit cards. Wirex follows suit, offering Web 3-based accounts, secure debit card services, and zero global foreign exchange fees, catering to the growing uncertainty in UK banking for crypto-related activities.
Juno, a less-known but promising institution, offers innovative smart treasury savings and comprehensive financial services. A community favorite, Monzo features a user-friendly interface and effortless crypto-holding monitoring within its app.
Ally Bank shines for its US clientele, presenting elevated APY on fiat, an array of investment choices encompassing crypto funds, and the reassurance of FDIC insurance. This emerges as a glimmer of hope amid apprehensions surrounding banking constraints linked to crypto endeavors in the US.
Bank Prov has unexpectedly risen in the crypto-friendly sphere, displaying remarkable adaptability in converting crypto to fiat. Alongside competitive interest rates on crypto lending, it boasts a revered reputation in traditional banking—a rare and desirable fusion highly sought after by enthusiasts.
Despite its name, Cash App provides a full financial platform, allowing both traditional stocks and cryptocurrencies. It prioritizes users’ control over crypto assets—an overlooked aspect in seeking crypto-friendly banks. Quantic, with crypto-friendly policies, blends traditional banking and crypto services.
Mercury distinguishes itself by preceding monthly maintenance fees and offering seamless business payment integrations. Its attractive yields add to its allure, making it an appealing choice for businesses seeking to navigate the intricacies of crypto-friendly banking.
Surprisingly, the list culminates with the inclusion of JP Morgan Chase, known for its strides in blockchain technology and now extending crypto-friendly banking services to exchanges and digital asset firms. This revelation marks a paradigm shift, signaling major traditional banks’ adaptation to the burgeoning crypto market.
The analyst suggests conducting thorough research on these banks and adopting diversified banking strategies to mitigate risks. This decentralized approach to banking is crucial in safeguarding against abrupt account closures, a lesson underscored by Chris’s experience and others encountering unjust banking limitations in the crypto sphere.
