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TABLE OF CONTENTS

Crypto-friendly Banks: Top Banks that Support Crypto Trading

4.6
| by
Miguel Benitez
-

How Many of the Top 50 Banks in the World Support Crypto Trading?

37 of the 50 (74%) biggest global banks by assets under management in 2023 support crypto trading through connecting to regulated crypto exchanges like Binance and Coinbase – allowing the seamless transfer of funds from bank accounts. However, none currently support retail crypto trading or on-ramping from their respective native platforms.

The adoption of blockchain-based solutions by big banks has been relatively slow compared to other sectors. Strict regulations, market volatility, and recent high-profile failures of exchanges like FTX have hindered the integration of cryptocurrency trading into these large banks.

In 2023, the top 50 biggest banks in the world managed a combined $89.37 trillion worth of assets. The list is dominated by the two largest economies, US and China, with 19 banks ranking in the top 50. The top 4 banks are all Chinese and manage $19.87T worth of assets, over 20% of the total.

Neobanks and a new way of banking

As a result of the reluctance of big banks to implement native crypto trading, Neobanks like Revolut and Wirex have taken advantage and even have crypto cards that let customers pay for goods and services using crypto just like a regular debit card.

The global cryptocurrency market capitalization currently stands at $1.22T, and with the rapid growth of some of these neobanks, it might not be too long before one breaks into the top 100.

Asia’s Hard Stance on Crypto

All the 13 banks that do not allow connections are based in China, a country with an infamously anti-crypto stance. In 2013 the People’s Bank of China banned financial institutions from making transactions in virtual currencies, and outlawed all forms of crypto transactions and mining in 2021.

The Chinese government is rumored to be introducing its own cryptocurrency to keep the crypto market under state control - a digital version of the yuan has already been trialed, with a national rollout being the next step.

China could be pulled back into the crypto market

Hong Kong appears to be more open to crypto trading, inviting Coinbase and other crypto exchanges to set up in the city.

There are other rumors that a crypto renaissance could spread to the rest of mainland China, with the Beijing Municipal Science and Technology Commission and the Zhongguancun Science and Technology Park Management Committee releasing a white paper on Web3 technologies at the end of May.  

India has bans too

India is another country with a hesitant view of the cryptocurrency market. The central bank repeatedly insisted on banning crypto outright and issued their own e-currency in an effort to deter crypto trading. They also banned banks from dealing with cryptocurrencies in 2018, although this was later overturned by the Supreme Court.  

Institutional trading is going strong

However, blockchain technology is still firmly in the scope of big banks. Institutional clients have been able to get exposure to cryptocurrencies natively for some years at several banks:

JPMorgan was the first bank to develop its own digital currency JPM Coin back in 2019 on an internally developed, private version of Ethereum.

Goldman Sachs announced the formation of a cryptocurrency trading desk in 2021 as part of the Global Currencies and Emerging Markets division. This allows them to trade in bitcoin futures and nondeliverable forwards, but they do not yet deal with actual bitcoin.

Société Générale launched their EURCV stablecoin on Ethereum in April of this year – the first on a public blockchain.

Crypto custodians

One way that banks use to begin edging towards full retail crypto trading is through partnerships with crypto custody firms. One firm that has signed deals with several banks in the top 50 is Swiss digital asset safekeeping company Metaco.

As of May 2023, Metaco has signed deals with BNP Paribas, Société Générale, Citigroup and Banco Bilbao Vizcaya Argentaria (BBVA). The deals with Société Générale and Citigroup focus primarily on tokenized versions of stocks or other securities, so although cryptocurrencies are not included it is a substantial first step on the way to full integration.

Which Banks Are Crypto-Friendly?

The following table lists which of the top 50 biggest banks are connected through licensed crypto exchanges, in 2023:

Rank Bank Headquarters Connected to Licensed Crypto Exchange
1 Industrial and Commercial Bank of China Ltd.  China No
2 China Construction Bank Corp.  China No
3 Agricultural Bank of China Ltd.  China No
4 Bank of China Ltd.  China No
5 JPMorgan Chase & Co.  U.S. Yes
6 Bank of America Corp.  U.S. Yes
7 Mitsubishi UFJ Financial Group Inc.  Japan Yes
8 HSBC Holdings PLC  U.K. Yes
9 BNP Paribas SA  France Yes
10 Crédit Agricole Group France Yes
11 Citigroup Inc.  U.S. Yes
12 Postal Savings Bank of China Co. Ltd.  China No
13 Sumitomo Mitsui Financial Group Inc.  Japan Yes
14 Mizuho Financial Group Inc.  Japan Yes
15 Bank of Communications Co. Ltd.  China No
16 Wells Fargo & Co.  U.S. Yes
17 Banco Santander SA  Spain Yes
18 Barclays PLC  U.K. Yes
19 JAPAN POST BANK Co. Ltd.  Japan Yes
20 UBS Group AG  Switzerland Yes
21 Groupe BPCE France Yes
22 Société Générale SA  France Yes
23 Royal Bank of Canada Canada Yes
24 The Toronto-Dominion Bank Canada Yes
25 China Merchants Bank Co. Ltd.  China No
26 Goldman Sachs Group Inc.  U.S. Yes
27 Deutsche Bank AG  Germany Yes
28 Industrial Bank Co. Ltd.  China No
29 China Citic Bank Corp. Ltd.  China No
30 Shanghai Pudong Development Bank Co. Ltd. China No
31 Morgan Stanley  U.S. Yes
32 Crédit Mutuel Group France Yes
33 Lloyds Banking Group PLC  U.K. Yes
34 China Minsheng Banking Corp. Ltd.  China No
35 Intesa Sanpaolo SpA  Italy Yes
36 ING Groep NV  Netherlands Yes
37 The Bank of Nova Scotia Canada Yes
38 UniCredit SpA  Italy Yes
39 China Everbright Bank Co. Ltd.  China No
40 NatWest Group PLC  U.K. Yes
41 Bank of Montreal Canada Yes
42 Commonwealth Bank of Australia  Australia Yes
43 Standard Chartered PLC  U.K. Yes
44 La Banque Postale SA France Yes
45 Ping An Bank Co. Ltd.  China No
46 Banco Bilbao Vizcaya Argentaria SA  Spain Yes
47 The Norinchukin Bank Japan Yes
48 State Bank of India  India Yes
49 Canadian Imperial Bank of Commerce Canada Yes
50 National Australia Bank Ltd. Australia Yes

 

Methodology

This study assesses how crypto-friendly each of the top 50 biggest banks are in 2023, in terms of ability to trade or facilitate on-ramping of cryptocurrencies natively or through licensed crypto exchanges.  

This was done so by examining the top 50 largest global banks by assets under management based on a S&P Global’s report published April 2023. The study distinguished whether a bank was crypto-friendly or not based on whether it:

  • offered crypto trading or on-ramping services within the bank’s native platforms, OR
  • the ability to connect a bank’s current account to a regulated crypto exchange. 

The world's top 3 largest crypto exchanges by trading volume and Trust Score are Binance, Coinbase and OKX, accurate as of July 21, 2023. Due to their global reach and compliance with crypto regulations in many countries, these were used to determine the ability of the banks in question to connect to a crypto exchange. For Japanese banks, the Binance-acquired Sakura Exchange BitCoin (SEBC) exchange was used, as none of the top 3 crypto exchanges were regulated in the country. 

Disclaimer: Several banks in the list do not have fixed policies regarding crypto-based transactions. The data curated therefore relies on secondary sources like DataWallet.


If you use these insights, we would appreciate a link credit to this article on CoinGecko. A link credit allows us to keep supplying you with future data-led content that you may find useful.

Curious to learn more about the latest cryptocurrency industry trends and landscape? Check out our 2023 Q2 Crypto Industry Report.

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Miguel Benitez
Miguel Benitez
Miguel is a web3 enthusiast who is especially interested in the crossroads between blockchain technology and AI. He is also a keen musician, and learned to play a right-handed guitar despite being left-handed because it was cheaper (and sounded more impressive).

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