If you run a crypto business, you need a banking partner that will open your bank account and keep it open. If you hold digital assets personally, you need a bank that will not block transfers to a crypto exchange. This guide looks at crypto-friendly banks for both cases, starting with the business side, and explains which financial institutions serve crypto users, why traditional banks often refuse, and what underwriters want to see before they approve an application.
Last updated: September 29, 2026
Key Takeaways
A crypto-friendly bank is a bank or licensed EMI that knowingly accepts customers whose activity involves digital assets, instead of closing their accounts as a de-risking measure. The term describes a spectrum rather than a certification, and the same bank may serve individuals while refusing crypto exchanges. Most crypto businesses end up with an EMI or a fintech backed by partner banks, not one of the traditional banks, so approval depends on your license, your AML stack, and your source-of-funds story. Policies change without notice.
What Are Crypto-Friendly Banks?
Crypto-friendly banks are banks and licensed electronic money institutions that knowingly open accounts for crypto businesses and crypto users and process their fiat payments. In practice this means they accept incoming and outgoing bank transfers linked to digital assets, while holding the assets themselves, known as crypto custody, is usually a separate service.
Crypto Friendly Is a Spectrum, Not a Certification
No regulator awards a crypto friendly label, and crypto friendly banks differ widely in what they allow, from crypto services and crypto trading to an ordinary bank transfer. One bank may open business accounts for a licensed custodian, decline an unlicensed exchange, and still let retail customers fund a crypto exchange by ACH transfers, all under the same charter.
Treat every claim of crypto-friendliness as a statement about one client profile, in one jurisdiction, on one date.
Four Banking Models That Serve Crypto
Traditional banks with crypto services usually offer crypto custody or crypto trading to institutional clients and institutional investors through a specialist unit or a sub-custodian. Many traditional banks and other traditional financial institutions still do not hold digital assets directly and rely on third-party partners for digital asset transactions. Crypto-native banks, such as Sygnum in Switzerland, are built around digital assets and blockchain companies.
Digital-only banks and neobanks combine everyday banking services with built-in crypto trading, often through a partner bank, and many offer multi-currency accounts with multi-currency support that manage multiple currencies in one app. Fintech platforms use banking infrastructure supplied by others to deliver crypto integration and other crypto-related services, which matters for deposit protection, as explained further down.
Which Banks Allow Cryptocurrency?
Lists of the top crypto-friendly banks and the most crypto-friendly banks usually mix marketing claims with facts, so this one is short on purpose and includes only institutions that publish a clear and current position on banking services for crypto clients. Each entry links to the institution's own page and reflects what that page said on the date it was checked.
Verified as of 2026-09 (checked September 29, 2026). Bank policies change without notice and differ by client profile, jurisdiction, and volume, so confirm directly with the institution before you apply.
Institution
Type
Region
Serves
Notable limitation
Mercury
Fintech with partner banks
US
Business accounts
Does not open accounts for crypto exchanges or money services businesses
U.S. Bank
Bank
US
Institutional investment managers
Bitcoin custody only, offered through an early-access program
Kraken Financial
Wyoming special purpose depository institution
Certain US states, UK, Australia
Institutional and private clients
Deposits are not FDIC insured
Revolut
Neobank (fintech)
Varies by country
Individuals and businesses
Crypto availability differs by country, and Revolut Business excludes crypto exchanges and brokers
Sygnum
Crypto-native bank
Switzerland, Singapore, Abu Dhabi, Liechtenstein, Luxembourg
Private, institutional, and corporate clients
Built for qualified clients, not mass-market accounts
JPMorgan Chase
Bank
US
Individuals and businesses
No published policy on transfers to crypto exchanges was found
Mercury
Mercury is a fintech, not a bank, and its banking services are provided by Choice Financial Group and Column N.A., both Members FDIC. In its annual letter of February 5, 2026 the company reports more than 300,000 customers, and its Web3 page says it supports crypto startups, DAOs, and funds.
Its eligibility article states that accounts hold fiat only and that crypto exchanges and money services businesses are not eligible.
U.S. Bank
U.S. Bank resumed bitcoin custody for institutional investment managers on September 3, 2025, with NYDIG acting as sub-custodian and crypto ETFs covered through an early-access program for Global Fund Services clients. Its custody FAQ describes the service as institutional only, so it addresses institutional investors rather than retail customers.
Kraken Financial
Kraken Financial is a Wyoming special purpose depository institution that serves clients in certain US states, the UK, and Australia, and it states that its deposits are not FDIC insured. Wyoming's banking division says such institutions must hold 100 percent reserves.
The Federal Reserve Bank of Kansas City approved a limited account for Kraken Financial on March 4, 2026, for an initial one-year term.
Revolut
Revolut describes crypto support for 200+ cryptocurrencies for UK customers on its help page, while the terms of its US entity state that Revolut Technologies Inc. has not offered cryptocurrency services since October 3, 2023. Revolut Business does not accept crypto exchanges, brokers, ramp providers, ATMs, or unregulated custodial wallets, although it does accept regulated custodial wallets.
In the UK its crypto business is registered with the FCA for AML purposes and is not covered by the FSCS, according to its business terms.
Sygnum
Sygnum holds a FINMA banking and securities dealer license and states on its own site that it also holds MAS licenses, an ADGM permission, and an EU MiCA license. It serves institutional clients as well as private and corporate clients.
The model shows what a crypto-native bank looks like and where its limits are, since it is designed for established clients rather than for anyone who wants a quick account.
JPMorgan Chase
No crypto-specific policy from Chase was found, and its deposit account agreement effective June 14, 2026 contains no provisions on crypto. The bank did announce a partnership with Coinbase on July 30, 2025, covering card funding and, from 2026, a link between bank accounts and Coinbase wallets, though which parts have launched was not confirmed.
The Chase question comes up again in the personal accounts section below.
Why Do Banks Close Crypto Accounts?
Traditional banks close crypto accounts mainly because the compliance cost and regulatory risk of serving these clients can outweigh the revenue they bring. The practice is called de-risking, and it usually applies to a whole client category rather than to one customer's behavior.
AML Cost and Monitoring Burden
Monitoring crypto transactions is hard because a single deposit from a crypto exchange can trace back to a legitimate trade, a mixer, or a sanctioned wallet, and each possibility takes investigation time. Banks tend to raise their risk thresholds after an alert, and large crypto transactions are often flagged for extra review.
The outcome ranges from frozen accounts and repeated document requests to closure, and banks that see frequent crypto purchases and transfers on a personal account may treat that crypto-related activity as a reason to restrict it.
Correspondent Banking Pressure
Smaller traditional banks depend on larger correspondent banks to move international transactions and cross-border transfers, and a correspondent can end the relationship if it dislikes a client's risk profile. That dependency pushes many banks to avoid the crypto space altogether, even when their own regulator has no objection.
The Travel Rule
The Travel Rule requires providers to pass originator and beneficiary information along with each bank transfer, including crypto-related transfers and other crypto-related transactions. FATF revised Recommendation 16 in June 2025, and its July 2026 targeted update reports Travel Rule legislation in 91 of 109 surveyed jurisdictions, or 83 percent.
In the EU the Transfer of Funds Regulation applies to crypto transfers regardless of amount, while the US provisions in 31 CFR 1010.410 apply to transmittals of $3,000 or more.
How De-Risking Reshaped Crypto Banking, 2022 to 2026
The record between 2022 and 2026 shows a sharp tightening followed by a policy reversal in the United States. Dates and sources matter here because the topic attracts loose claims.
Silvergate and Signature Bank, March 2023
Silvergate announced its intent to wind down and liquidate on March 8, 2023, and New York regulators closed Signature Bank on March 12, 2023, with the FDIC appointed as receiver. The Federal Reserve later issued a consent order on June 1, 2023 to oversee Silvergate's liquidation.
Both banks had served many crypto companies, and their exit cut banking access for firms in crypto markets that then had to find new partners among financial institutions in a banking system that was already wary.
What Operation Choke Point 2.0 Means
Operation Choke Point 2.0 is an industry and political label, not the name of an official program. A December 2025 report by the House Financial Services Committee majority staff, titled "Operation Choke Point 2.0", argued that regulators used informal guidance to discourage banks from serving firms that hold digital assets and counted at least 30 entities and individuals affected. That figure comes from partisan committee staff and not from an independent census, so "dozens" is the safer description.
The FDIC's own released pause letters, made public in January 2025, include an October 21, 2022 letter asking a bank to refrain from offering a bitcoin service until the agency completed its review.
What Changed in 2025 and 2026
The Federal Reserve withdrawing two supervisory letters on April 24, 2025 was the first visible shift, since the letters governed notification and non-objection for crypto activities, and the same action removed two 2023 joint statements on crypto risks. Executive Order 14331, signed on August 7, 2025, does not mention crypto but directs regulators to remove reputation risk from supervision.
The OCC and FDIC final rule on the subject took effect on June 9, 2026. It preserves BSA and AML supervision, so banks still have to justify how they manage financial crime risk for each crypto client.
Can a Crypto Business Open a Normal Business Bank Account?
Sometimes, but a standard business bank account at a traditional bank is the hardest route for most crypto businesses. The answer depends on what the company does, because a software firm that accepts crypto payments looks very different to an underwriter than an exchange that holds customer funds.
Banks sort crypto clients into risk tiers. Exchanges, OTC desks, custodial wallets, and market makers sit in the highest tier and face the longest reviews, while infrastructure firms and crypto startups with no custody sit lower.
A company in the first group should expect enhanced due diligence and a request for its license before any of its business accounts are opened. Treasury management products, such as sweep accounts and multi-currency support, often become available only after the relationship has proved stable, and traditional banking services such as a regular bank account from a retail bank are rarely suitable for a company of this kind.
Bank vs EMI vs PSP: Which One Do You Need?
Most crypto firms end up with an EMI or a payment institution rather than one of the traditional banks, because these licensed non-bank providers are built to move money for regulated businesses, including crypto transactions settled in fiat. Mixing the three up leads to wrong expectations, above all about deposit protection.
What a Bank Is
Traditional banks take bank deposits, lend, and, where a deposit insurance scheme applies, protects eligible deposits up to a limit. In the US that scheme is FDIC insurance, and in the UK it is the FSCS.
What an EMI Is
An electronic money institution issues e-money and provides payment services, and under EU law it may not take deposits or other repayable funds from the public. Customer money is safeguarded, meaning segregated or covered by insurance, instead of being protected by a deposit guarantee.
The FCA notes that if a non-bank payment provider fails, customer money is not protected by the FSCS, and safeguarded funds may take time to return and may not come back in full.
What a PSP Is
A payment service provider, or payment institution, executes payment services such as transfers and acquiring without issuing e-money. The same FCA page adds that small payment institutions have no safeguarding requirement, which is worth checking before you route customer funds through one.
Type
What it can do
License
Typical crypto stance
Best for
Bank
Takes deposits and lends, with deposit insurance where a scheme applies
Banking license
Varies by institution and often cautious toward exchanges and custodians
Business accounts for established, licensed crypto businesses with strong compliance records
EMI
Issues e-money and provides payment services, but cannot take deposits
E-money institution authorization
Often more open to crypto clients, though each provider sets its own policy
Payment flows for crypto-related businesses, multi-currency accounts, and card programs
PSP (payment institution)
Executes payments, transfers, and acquiring without issuing e-money
Payment institution authorization
Depends on the provider and its banking partners
Fiat on-ramps and off-ramps, payouts, and merchant acceptance
Fintech with partner bank
Offers account and payment tools on top of a partner's banking license
None of its own for deposits
Set by the fintech and its partner bank
Early-stage crypto companies that need quick access
Crypto-Friendly Banking by Region
Regional rules explain most of the differences between crypto-friendly banks, so start with the regime that governs your customers.
United States
Regulators have moved in a friendlier direction toward digital assets in the US, though every bank still makes its own risk decision about banking services. The OCC conditionally approved five national trust bank charters on December 12, 2025, including Fidelity Digital Assets, Paxos, BitGo, Ripple, and First National Digital Currency Bank.
On May 20, 2026 the Federal Reserve proposed a limited payment account with no intraday credit or interest, and the final outcome had not been confirmed when this article was updated. Anyone searching for crypto friendly banks USA should read these developments as signs of direction, not as guarantees of access.
European Union and EEA
Under MiCA, a crypto-asset service provider needs authorization, and credit institutions and other financial institutions such as EMIs may offer certain services after notifying their regulator. The transitional period ended on July 1, 2026, and ESMA's statement of April 17, 2026 says unauthorized providers must cease their services.
For a bank, a CASP authorization is the clearest sign that a client is one of the regulated crypto exchanges, which makes regulated exchanges easier to underwrite. Our explainer on MiCA crypto rules covers what the regulation requires.
United Kingdom
The FCA currently registers firms that provide crypto services under the Money Laundering Regulations, and its new cryptoasset regime opens applications on September 30, 2026, with the regime starting on October 25, 2027. Registration is an anti-money laundering check, and as the Revolut example shows, it does not bring deposit protection with it.
The FCA's page on cryptoasset financial promotions sets out the routes for marketing to UK consumers.
Switzerland and Liechtenstein
Both countries host crypto-native banks, and in Switzerland FINMA applies existing financial-market law according to the activity involved. It published guidance 06/2024 on stablecoins on July 26, 2024. Sygnum lists Liechtenstein among its locations, which makes the region a natural starting point for institutional crypto infrastructure and banking.
Asia and the UAE
Singapore and Abu Dhabi are two hubs where crypto banking sits inside a licensing regime, and Sygnum states that it holds MAS licenses and an ADGM permission. Dubai licenses virtual asset activity through VARA. Instrument names differ from one regulator to the next, and our VASP license guide explains which name applies where.
What Do You Need to Get Approved?
Crypto-friendly banks approve business accounts for crypto businesses when the application answers their AML questions about crypto-related activity before they ask them. Preparation counts for more than the choice of banking partner, and most rejections trace back to gaps in the following documents:
- A license or registration for your activity, such as a CASP authorization, FCA registration, or FinCEN MSB registration with state licenses
- A written source-of-funds and source-of-wealth policy covering both customers and the company's own capital
- AML and CFT policies, a named compliance officer, and evidence of a transaction monitoring (KYT) tool
- Travel Rule tooling that can send and receive originator and beneficiary data
- Audited or reviewed financial statements and a verified ultimate beneficial owner (UBO) structure
- Projected monthly volumes, main counterparties, and the countries you will serve
License and Regulatory Status
A license tells the bank that a regulator has already examined your business. If you have not settled your licensing route, the VASP license guide and the article on how to start a crypto business cover the steps in order, and the SBSB partnership shows how regulatory counsel fits into an EU launch.
Source of Funds and AML Controls
Underwriters want to see where customer money comes from, how you screen crypto-related transactions, and who reviews alerts. A written policy with named owners, alert thresholds, and escalation steps carries more weight than a general statement that you follow AML rules.
Financials, Ownership, and Projected Volumes
Clear ownership and realistic volume projections matter because banks compare your actual crypto-related activity against what you told them at onboarding. Volumes that jump far above the projection are a common trigger for a review.
Red Flags That Get Applications Rejected or Accounts Offboarded
Banks rarely explain why a bank account application was rejected, but the same patterns appear again and again in the reasons that clients report and in the way underwriting is structured:
- Unlicensed activity, or a license that does not cover the services you offer
- Vague or inconsistent descriptions of the business and its customers
- Opaque ownership, nominee directors, or beneficial owners who cannot be verified
- Volume spikes that exceed the projections given at onboarding
- Frequent transfers of digital assets linked to mixers, sanctioned addresses, or unregulated venues
- Marketing that promises anonymity or accounts with no KYC
What to Do After a Rejection
A rejection is rarely final, because most crypto businesses run several banking rails at once. Ask the bank which concern led it to refuse or close the bank account, close the documentation gap, and apply to other crypto-friendly banks with a stronger file.
Build a Multi-Rail Setup
Relying on one bank account creates a single point of failure. Spreading operations across two or three providers, for example a bank, an EMI, and a payment institution, keeps business accounts and payouts running if one relationship ends.
Use an EMI With Payment-Rail Redundancy
An EMI can open faster than a bank and supports the payment flows most crypto companies and crypto services providers need, including crypto payments settled in fiat. Pair it with a second provider on a different payment rail so that a freeze at one does not stop deposits and withdrawals.
Build Your Own Regulated Stack
For some operators the better answer is not a friendlier bank but a regulated financial layer of their own, with licensed wallets for digital assets, payment accounts, and compliance controls that they operate directly. That route takes longer and demands a license, yet it removes dependence on a bank's changing appetite for risk.
Crypto-Friendly Banks for Individuals
This section is written for consumers. For an individual the question is narrower: will your bank allow a transfer to a crypto exchange or other crypto platforms, and will it block or reverse it? The right crypto friendly bank for you is the one whose published rules match how you actually use crypto, including monthly fees and transfer limits.
What Bank Is the Most Crypto-Friendly?
No single bank is the most crypto-friendly, because policy varies by product, country, and client type. The institutions above show the range, from Sygnum for qualified clients to Revolut for retail users in some countries, and no ranking of the top crypto friendly banks can be verified.
Which Banks Are Best for Crypto?
The best crypto-friendly banks for an individual are those whose published policy allows transfers to crypto exchanges and exchange funding, keeps your fiat protected, and charges fees you can accept. Compare monthly fees, transfer limits, support for ACH and wire transfers, and whether the bank holds digital assets directly or through a third party.
Rather than trusting a list of the most crypto-friendly banks, ask which banks support bitcoin purchases in writing rather than by reputation, since policies on crypto purchases change without notice. Confirm whether the bank crypto friendly claim on its marketing page matches its account agreement.
Which US Bank Supports Crypto?
Few crypto-friendly banks in the US publish a policy, and few traditional banks state one at all. U.S. Bank offers institutional bitcoin custody, and Ally states on its crypto page that it does not currently offer cryptocurrency spot trading, although the page mentions crypto funds, and no published position on exchange funding was found for Ally.
Most US customers handle exchange funding by ACH transfers from an ordinary bank account to regulated exchanges, and results vary by bank and by transfer size.
Is Chase Bank Crypto Friendly?
Chase's position is mixed and mostly unpublished. It has no crypto policy that could be located and a deposit agreement that is silent on the subject, but it announced a Coinbase partnership in 2025.
Check the bank crypto policy, current monthly fees, and recent customer reports before you rely on regular transfers to crypto exchanges, and consider keeping everyday spending in the same account and crypto holdings and external exchanges in a second bank account.
FDIC Insurance and Crypto: What Is Covered
FDIC insurance covers fiat deposits at an insured bank, up to $250,000 per depositor, per insured bank, for each account ownership category, and it does not cover digital assets or other crypto assets. The FDIC has stated that it does not insure assets issued by non-bank entities, such as crypto platforms and other crypto companies, and that deposit insurance does not apply if a non-bank fails.
If you keep cash with a fintech that only partners with a bank, ask where the money is held and whether that firm is an FDIC insured bank.
Some people avoid the bank transfer step altogether by spending from a crypto balance with a debit card, and our page on crypto cards explains how those programs work for businesses.
How SimplifyLabs Helps
For many crypto businesses the answer is not one of the crypto-friendly banks but a regulated financial layer of their own. SimplifyLabs builds the software behind it, including crypto banking infrastructure and MiCA readiness tooling, and connects it to deep order flow through its Liquidity Hub. SimplifyLabs is a technology provider, not a bank and not a law firm, and licensing stays with the operator.
Frequently Asked Questions
Which banks are most crypto-friendly?
No bank holds that title, because crypto-friendliness depends on the client profile and changes over time. Institutions that state a clear position include crypto-native banks such as Sygnum, institutional crypto custody from U.S. Bank, and fintechs such as Mercury for Web3 startups. Check each institution's own page and the date it was published before you apply.
Why did my bank close my account for buying crypto?
Most likely the bank flagged your crypto purchases as outside its risk appetite and applied a de-risking policy. Banks often review large or frequent crypto transfers, and some close accounts without detailed reasons. Ask for the closure category in writing, keep records of your source of funds, and open a second account with a provider that publishes a crypto policy.
Can a crypto exchange get a bank account?
Yes, but it is the hardest category to bank, and approval depends on licensing, AML controls, and the bank's own policy. An exchange that trades digital assets usually needs a CASP authorization, FCA registration, or FinCEN and state registrations, plus a documented compliance program. Many end up with an EMI or specialist provider, and no bank can promise approval in advance.
Is an EMI the same as a bank?
No. An EMI issues e-money and provides payment services but cannot take deposits, and its customer funds are safeguarded instead of covered by a deposit guarantee scheme. One of the traditional banks takes deposits and, where a scheme applies, insures eligible balances. For crypto firms an EMI is often easier to open, but the protection differs.
Do I need a VASP license to open a business bank account?
Not always, but banks usually ask for whatever authorization your activity requires. If you exchange, transfer, or hold digital assets for others, a regulator probably expects a license or registration, and a bank will want to see it. The name of the instrument depends on the jurisdiction, so check the licensing guide above.
Are there crypto-friendly banks in the US?
A few institutions state a position, such as U.S. Bank for institutional custody and Kraken Financial as a Wyoming special purpose depository institution. Mercury serves many Web3 startups through partner banks. Most US options come with limits by client type, and the regulatory picture has been improving since 2025, though no bank is obliged to accept a crypto client.
What is de-risking?
De-risking is a bank's decision to end or refuse relationships with a whole category of clients instead of assessing each one, usually because of AML cost or regulatory pressure. In crypto it has meant closed accounts, blocked transfers, and refused applications. Regulators in the US have moved to remove reputation risk from supervision, but banks must still manage financial crime risk.
Does FDIC insurance cover crypto?
No. FDIC insurance covers fiat deposits at an insured bank, up to $250,000 per depositor, per insured bank, for each ownership category, and it does not protect crypto assets or other digital assets. It also does not apply if a non-bank company such as a crypto platform fails. Ask any provider where your cash is held before you assume it is insured.
