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Monzo didn't respond to our request for information (although Monzo users did report blocks on crypto purchases back in April 2021). We asked other current account providers if they plan to block crypto purchases:
TSB has said that it will actively block crypto purchases where it sees evidence of fraud on those platforms, but didn't confirm if this affects both card payments and bank transfers. The block doesn't affect debit card payments or bank transfers. Tesco Bank told Which? that it has implemented a block on credit card payments to any company involved in crypto purchase or trading activities since 14 July. Santander notified customers that it would stop payments from their accounts to Binance from 8 July, although they can still withdraw cash. It told us that it has 'a limited appetite for these types of transactions' and has controls in place to manage risks from a fraud and financial crime perspective. Metro Bank is currently restricting payments to Binance. Customers can still withdraw funds from Binance. Barclays blocked both debit and credit card payments to Binance with effect from 5 July. Other banks introduced bans following the FCA warning about Binance: Customers can still accept crypto as a form of payment. It currently caps the daily spending limit to any crypto exchange and blocks all payments to specific firms where it sees significant levels of fraud. NatWest Group also made an early move, issuing an urgent warning about crypto scams in May, before restricting transactions from 24 June. The ban was lifted on 23 June, although the digital bank says that payments are still subject to scrutiny where necessary. Starling suspended outbound Faster Payments to certain crypto platforms from 19 May to 22 June 2021 (card payments were never blocked). The bank confirmed to Which? that customers can't buy or sell any crypto directly, saying it's 'closely following developments and changing regulation in these markets'. The Times reported in January 2021 that HSBC won't process crypto payments. 
Lloyds Banking Group has had a ban on virtual currency payments (including crypto exchanges such as Binance) on its credit cards since 2018 and it continues to assess other types of payment on a case-by-case basis.
It has also told current account customers it may reject crypto payments from 21 November 2022 'due to the higher risks associated with them'. Virgin Money has blocked all crypto purchases for credit card users since February 2018 and continues to do so.
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Find out more: how to spot an investment scam. #Lloyds tsb online ban software#
In some cases, fraudsters pose as 'support staff' and convince victims to download remote access software so that they can control their devices and empty their crypto e-wallets. These ads direct you to fill in your contact details so that a fraudster can follow up with a telephone call posing as a crypto trader. Investment in crypto is always high risk, as the market is largely unregulated which means your money isn't protected by the Financial Ombudsman Service or Financial Services Compensation Scheme if something goes wrong.Ĭrypto has also attracted scammers who take out malicious adverts with get-rich-quick claims on search engines and social media, sometimes with bogus celebrity endorsements. Your data will be processed in accordance with our Privacy policy
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