An overwhelming majority of the world’s largest banks support the transfer of client funds to major crypto exchanges, according to a new study by digital asset data aggregator CoinGecko.
The study examines how crypto-friendly the world’s largest 50 banks are based on two criteria: whether they offer crypto trading or on-ramping services within the bank’s native platforms, and whether they offer the ability to connect a bank account to a major crypto exchange, such as Coinbase, Binance or OKX.
Says the report,
“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 largest banks that allow account connections to crypto exchanges include the US-based banks JPMorgan Chase and Bank of America, the UK-based HSBC, and the Japan-based Mitsubishi UFJ Financial Group.
The 13 banks on the list that do not allow account connections to exchanges, including the world’s largest four banks by assets under management, are located in China, according to the report.
“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.”