Breaking Barriers: Top Banks Open Doors to Crypto Exchanges
A recent study conducted by CoinGecko, a digital asset data aggregator, reveals that most of the world's largest banks favor transferring client funds to major cryptocurrency exchanges.
The study assessed the crypto-friendliness of the top 50 banks based on two key criteria: whether they provide crypto trading or on-ramping services on their native platforms and whether they facilitate linking bank accounts to major exchanges like Coinbase, Binance, or OKX.
The report highlights that 37 out of the 50 largest global banks (74% of them) by assets under management in 2023 support crypto trading by enabling connections to regulated crypto exchanges like Binance and Coinbase, allowing smooth fund transfers from bank accounts.
However, none of these banks currently support retail crypto trading or on-ramping within their native platforms.
Some of the prominent banks that permit account connections to crypto exchanges include JPMorgan Chase and Bank of America in the US, HSBC in the UK, and Mitsubishi UFJ Financial Group in Japan.
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On the other hand, the report also points out that the remaining 13 banks on the list, which constitute the world’s four largest banks by assets under management, are all situated in China. These banks do not allow connections to exchanges, likely due to China’s well-known anti-crypto stance.
The People’s Bank of China took measures in 2013 to ban financial institutions from engaging in virtual currency transactions and, in 2021, further prohibited all forms of crypto transactions and mining within the country.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
