Opening a business bank account for crypto can be challenging in the UK. We have a detailed guide on crypto-friendly banks for individuals in the UK. However, this guide is for crypto companies that want a business bank account and businesses that want to start using cryptocurrencies.
Any crypto business requires a business banking account for conducting multiple day-to-day activities. If you’re running an exchange, you need a reliable banking partner to onboard new users. Even if you’re running a DeFi company but registered in the UK, you still need fiat to pay taxes and your employees for which you need a business bank account. Some large traders might even register their trading as a business. While most high street banks are not crypto-business friendly, several challenger banks are happy to do so.
Best Crypto Business Bank accounts in the UK
XACE is a modern bank that initially launched for gaming companies. However, the bank has since expanded to offer business bank accounts for Crypto companies. It supports both GBP and EUR with IBAN accounts, virtual debit cards, and a promise of fast settlement. XACE goes one step further by also supporting CHAPS and BACS payment options.
- Supports both GBP and EUR.
- Virtual debit cards
- European IBAN Account
- Supports CHAPS and BACS payments
Cashaa markets itself as a crypto friendly bank account. But it goes beyond that by offering a Bitcoin payment platform. So if you’re looking to accept Bitcoin as a form of payment, Cashaa does it well by combining it with a bank account. Therefore, Cashaa is ideal for not only B2B crypto businesses but also B2C. You can easily set up Bitcoin payment gateways for your business. They even give you the option to convert the Bitcoin you receive into fiat instantly.
- UK Current account authorised by the FCA.
- Supports SWIFT, SEPA, CHAPS, and BACS payment methods
- Has API to automate payments with your platform.
- Seamless integration of Crypto and Fiat for both businesses and customers
Revolut is one of the most popular crypto-friendly challenger banks in the UK among individuals. Not many people know that Revolut also offers Business banking. While Revolut is crypto-friendly, they do not have any tools specifically for cryptocurrencies apart from a basic exchange. Wirex has an API to accept fiat payments through cards for a low fee. Apart from that, it has a bunch of business banking features such as international payments, company cards, and integration with business applications.
- Supports multiple currencies
- Business debit cards for easy spending
- API to accept card payments
Established in 2015, Orounda is another crypto-friendly business bank. They claim to support more than 50 payment methods and specialise in the latest technologies such as cryptocurrencies. Orounda is a financial services provider, of which business banking is one of them. Some of the other features they offer include debit cards and a payment gateway. It is ideal for large companies that want custom solutions for their specific needs.
- Offers an entire suite of financial products along with Business banking
- Offers Payment Processor
- Has customisable debit card options
- Supports multiple currencies and a variety of payment options
BCB Group is a business bank that focuses on the crypto ecosystem. Apart from GBP, it also supports other major currencies such as EUR and USD along with dedicated IBAN for companies and all major payment networks such as FPS/CHAPS/BACS, Euro SEPA, international SWIFT and US ABA.
What sets BCB group apart is that apart from banking, they offer liquidity services. It comes with daily settlement for all major cryptocurrencies and fiat currencies and provides liquidity for some conversions. BCB Group also has a treasury to manage your Bitcoin holdings.
BCB Group Features
- Supports a wide range of fiat currencies and payment networks
- Native support for liquidity and fast settlement
- Offers treasury services if you don’t want to manage your Bitcoin holdings
As you can see, the crypto industry has come a long way in the last 10 years. While most high street banks are still in their slumber, many challenger banks have taken up the task of offering bank accounts for crypto businesses. Some have even come up with business bank offerings specific to crypto businesses. Depending on the size and type of your crypto operation, one of these banks should be able to serve you well.