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Uphold is a global crypto exchange that started in 2015. GB residents can buy bitcoin & crypto via wire transfer, credit card, debit card and SWIFT transfer.
Founded in 2011, Kraken is one of the world's foremost cryptocurrency exchanges and has established a significant presence in the UK region.
You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%. View Bitcoin ATMs
The UK’s capital, London, is one of the largest financial centres worldwide. It's not surprising that fintech adoption in the nation remains robust with both Deloitte and EY ranking London as a leading global hub for financial technology.
In October 2022, a landmark decision was made by UK lawmakers to recognise crypto assets as regulated financial instruments. Andrew Griffith, a prominent financial authority, stressed the aim is to treat cryptocurrencies similarly to other financial assets, officially integrating them into the regulatory framework.
In a significant development in August 2021, PayPal launched its cryptocurrency services in the UK, allowing users to buy, hold, and sell major cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. However, it's vital to recognise that cryptocurrency assets in PayPal cannot be transferred to an external wallet but can only be kept or sold within the app.
At the end of 2020, cryptocurrency exchange EXMO was hacked, losing 5% of its assets held in its hot wallets (worth $4M USD). After the exchange platform noticed massive withdrawals of Bitcoins and five other cryptocurrencies, it suspended all transactions until further notice. EXMO also assured its users that they would be compensated for the financial losses from its own insurance funds.
EXMO representatives declared they were also conducting an investigation, in addition to the one conducted by the police.
This story is still developing, so check back regularly for updates.
The overall health of Bitcoin in the U.K. appears positive due to the reasons above.
Chase sent out emails to customers highlighting its concerns about increasing fraud with crypto assets. It emphasized its dedication to keeping their clients' money safe.
Finding a crypto-friendly bank in the U.K. might be challenging due to historical restrictions by credit institutions. The Financial Conduct Authority (FCA) has even mediated discussions between banks and crypto entities, recognizing the hesitance of banks to serve this sector.
Chase's move mirrors other U.K. banks that have introduced similar limitations, all citing concerns over potential scams and fraudulent activities.
Crypto companies are gearing up for stringent U.K. advertising regulations. Though they can temporarily authorize their own promotions, this power is limited to firms registered with the FCA as virtual asset service providers. Furthermore, the rules necessitate significant online platform alterations to caution potential investors of risks.
Unregistered firms are making changes: ByBit is ceasing services to U.K. clients by the effective date, while Luno is restricting certain U.K. clients from crypto investments. Additionally, the FCA has provided an option for firms to request a three-month extension to implement the required adjustments. However, there's concern about overseas companies' willingness to comply with this new regime.
The guidelines demand that any communication that could be seen as an invitation or inducement to invest in crypto assets must comply. For many online-based crypto companies, this translates to substantial website changes and addressing challenges like implementing a 24-hour cooling period for first-time buyers.
The Travel Rule for crypto in the United Kingdom has been initiated on Sept. 1, aiming to regulate crypto transfers and prevent money laundering and terrorist financing activities on blockchain platforms.
However, on June 23, FATF criticized its members for inadequate rule implementation. By March 2022, only 29 out of 98 jurisdictions met the required standards, with just a fraction starting enforcement. Ian Andrews of Chainalysis highlighted the initial challenges of coordinating information exchange between VASPs across borders.
Citizens of United Kingdom can convert, buy, and sell cryptocurrencies with fiat. Supported payment methods are:
United Kingdom offers many ATMs for its citizens to buy Bitcoins with Cash.
You can use our Bitcoin ATM finder tool to find the one nearest you.
Bitcoin prices are changing every second.
The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.
Any exchange with a Pound sterling trading pair will allow you to sell your Bitcoin for fiat currency. Bitpanda has GBP trading pairs for many popular coins.
Another way to sell Bitcoins in United Kingdom is through automated teller machines (ATMs). These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren't totally private. You can locate Bitcoin ATMs in United Kingdom using our Bitcoin ATM Map.
LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.
You could also use a service like eGifter to sell your Bitcoin for gift cards.
The Financial Conduct Authority (FCA) is the U.K.’s financial regulatory body. Though the FCA regulates some crypto-assets in the U.K., Bitcoin is still out of its purview and is not considered legal tender. However, the U.K. government is in favour of Bitcoin being regulated by the FCA in a bid to prevent money laundering and protect the interests of investors.
So far, the FCA hasn’t had jurisdiction over Bitcoin as it doesn’t put virtual currencies into the same bracket as commodities or currencies. According to the FCA, “cryptoassets designed primarily as a means of payment or exchange would not generally sit within the scope of FCA authority.” However, since the agency is tasked with providing protection to consumers and investors, it has followed a wait-and-watch strategy.
But it looks like the FCA could bring Bitcoin under its umbrella this year. According to John Glen, the economic secretary to the Treasury, “The government will consult early next year to explore whether other crypto-assets that have comparable features to specified investments but that fall outside the current perimeter should be captured in regulation.”
Glen further added that the U.K. government believes that “benefits could potentially develop in the future through the use of initial coin offerings as a capital raising tool.” This indicates that the British government is potentially looking at promoting Bitcoin in a more regulated manner going forward by putting structures in place that will provide avenues for investor compensation and consumer grievances.
As it stands, cryptocurrency exchanges are required to register with the FCA, and are subject to the agency’s anti-money laundering standards just like the other financial institutions in the country. So a move aimed at providing investor protection can boost Bitcoin demand in the U.K. going forward as potential buyers will be assured that there interests will be looked after by a governing agency.