Buying crypto in the UK has become partly a question of which bank you use. Most high street lenders now cap or block payments to cryptocurrency exchanges, and the limits vary widely from one bank to the next.
That patchwork is one reason some holders are looking at peer-to-peer trading, where buyers and sellers deal with each other directly. The approach comes with its own trade-offs, and the wider rules for crypto firms are about to change.
The limits, bank by bank
As of September 2026, the main restrictions on payments to crypto exchanges were as follows:
- Santander: £1,000 per transaction and £3,000 per 30 days.
- NatWest: £1,000 per day and £5,000 per 30 days.
- Barclays: £2,500 per transaction and £10,000 per 30 days.
- HSBC UK: £2,500 per transaction and £10,000 per 30 days, with credit card payments blocked.
- Nationwide: £1,000 per day.
- Monzo: £5,000 over a rolling 30 days.
- Chase UK: identified crypto payments blocked.
- Metro Bank: outbound payments to exchanges blocked since November 2024.
Banks generally present these limits as protection against fraud. For someone buying modest sums, they may never bite. For anyone buying in larger amounts, or banking with Chase UK or Metro Bank, they can stop a purchase outright.
The rules also differ in shape. A per-transaction cap, a daily cap and a rolling 30-day cap affect the same purchase in different ways, so two customers at different banks can have very different experiences buying the same amount.
Fewer holders, bigger holdings
The limits arrive as the shape of UK crypto ownership shifts. Research published by the Financial Conduct Authority in December 2025 found that 8% of UK adults held crypto in 2025, down from 12% in 2024.
Awareness held steady at 91%, and those who did hold crypto were holding larger amounts. In other words, a smaller group of people appear more committed, and are more likely to run into a per-transaction or monthly cap.
What the FCA regime will and will not change
The UK is building a full authorisation regime for crypto firms. The FCA’s application window opened on 30 September 2026, the deadline for applications is 28 February 2027, and the full regime is due to start on 25 October 2027.
Authorisation should give consumers clearer standards for the firms they use. It will not, however, automatically remove bank blocks. Each bank sets its own risk policy, and an authorised exchange may still find its customers facing the same caps.
What peer-to-peer trading is
On a peer-to-peer (P2P) platform, individuals post offers to buy or sell crypto, setting their own price, limits and accepted payment methods. A buyer picks an offer, pays the seller directly, usually by bank transfer, and receives the crypto once the seller confirms the money has arrived.
The key difference from a conventional exchange is who sits in the middle. On an exchange, the company holds customers’ money and crypto in its own accounts. On a non-custodial P2P marketplace, users connect their own wallets and the platform does not hold their balance.
Some marketplaces, Senpero among them, lock the seller’s crypto in a smart-contract escrow on the blockchain for the length of the trade, releasing it when the seller confirms payment. Readers weighing up the two models can find a plain summary of
how P2P trading differs from an exchange before deciding whether either suits them.
The trade-offs
P2P trading is not simply a way round bank limits, and it should not be treated as one. A payment to an individual is still a payment your bank can question, and your bank’s terms still apply.
Compared with using an FCA-registered exchange, the trade-offs look roughly like this:
- Custody: a non-custodial platform does not hold your funds, which removes the risk of a platform freezing balances, as happened to customers of Celsius, Voyager and FTX in 2022. It also means you alone are responsible for your wallet and its recovery phrase.
- Price: an exchange shows a single market price. P2P sellers set their own rates, so you must compare offers and check the spread yourself.
- Speed: an exchange processes orders automatically. A P2P trade depends on the other person responding, and disagreements go through the platform’s own dispute process.
- Protection: the FCA has long warned that people buying crypto should be prepared to lose all their money and are unlikely to be protected if something goes wrong. That applies to every route.
The risks: fraud and account flags
Fraud is the biggest danger in P2P trading. Crypto transfers are final, whereas many bank payments can be disputed or recalled, and that mismatch is behind most P2P chargeback fraud. A seller who releases crypto before funds have truly settled can lose both the coins and the money.
Fake payment proofs are another hazard. GCash, the Philippine e-wallet, has warned that scammers use AI apps to create fake receipts, and advised checking the in-app transaction history instead of trusting screenshots. The same advice applies to any UK banking app.
Then there is the bank itself. A run of transfers to or from strangers can lead a bank to ask questions, delay payments or, in some cases, close an account. Clear records of every trade help if you are asked to explain.
The sums lost to crypto fraud are substantial. In the United States, the FBI’s Internet Crime Complaint Center recorded about $11.4 billion in crypto-related losses in 2025, up 22% on the year before, a reminder that scammers follow the money wherever it moves.
A sensible checklist
- Check your own bank’s current crypto policy before you trade, and never disguise the purpose of a payment.
- Look up any exchange you use on the FCA register, and follow its authorisation status as the new regime begins.
- On a P2P platform, find out whether it holds your funds or uses escrow.
- As a seller, confirm the money has arrived in your own banking app, from a sender whose name matches the buyer.
- Never accept payment from a third party.
- Read the platform’s fee schedule and dispute process before your first trade.
- Keep records of every trade for HMRC, as gains on disposals of crypto can be subject to Capital Gains Tax.
- Only use money you can afford to lose.
