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Recent findings from CoinGecko indicate that two-thirds of the 30 largest global banks by assets under management (AUM) facilitate crypto trading via regulated exchanges.
Additionally, approximately 74% of the top 50 banks globally enable crypto trading by linking to regulated exchanges, as stated in the report.
“However, none support retail crypto trading or on-ramping from respective native platforms.”
Crypto-Friendly Banks
It is not surprising that the four leading non-crypto-friendly banks are based in China. They oversee assets totaling $19.87 trillion, which accounts for over 20% of the overall amount.
Cryptocurrency trading and investment remain prohibited on the mainland, with Beijing promoting its own programmable CBDC (central bank digital currency).
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Nonetheless, China may be becoming more receptive to crypto as Hong Kong opens its doors and invites major exchanges like Coinbase to establish operations in the city.
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Moreover, subsidiaries of some of the largest Chinese banking entities have reportedly begun to offer services to crypto firms located in Hong Kong or have made contact with them.
The report highlighted that the top 50 largest banks globally managed a total of $89.37 trillion in assets in 2023. The United States and China lead this ranking, with 19 banks appearing in the top 50 by AUM.
The report attributed the sluggish adoption of blockchain and crypto by major banks to regulations, market volatility, and the previous year’s collapse.
“Strict regulations, market volatility, and recent high-profile exchange failures like FTX have hindered the integration of crypto trading into these large banks.”
UK Banks and Crypto
The research also identifies several U.K. banks as being “crypto-friendly.” However, some British banks, including two from that list, imposed restrictions on customer transactions with crypto companies earlier this year, suggesting that the report may not be entirely accurate.
The research determined whether a bank was crypto-friendly 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.”
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