UK banks can apply for crypto permission

In short

• UK banks can now apply to the FCA to run crypto businesses, per a Solid Intel post on X on 9 November 2026.
• Firms applying before 28 February 2027 that meet requirements may keep operating during the FCA's review.
• The new UK crypto regime takes effect on 25 October 2027, more than a year after applications opened on 30 September 2026.
• The route covers custody, trading, stablecoin issuance and staking.

UK wholesale banks can now apply to the Financial Conduct Authority for permission to run crypto businesses, ahead of the new UK crypto regime, according to a post by Solid Intel on X on 9 November 2026. The post, which cites the FCA, says firms that apply before 28 February 2027 and meet specific requirements may keep operating while their applications are reviewed.

The Financial Conduct Authority is the UK's financial regulator, the body that licences banks, brokers and other financial firms. Its new crypto regime is due to take effect in 2027, and the February 2027 cut-off sits ahead of the rules starting.

The route covers custody, trading, stablecoin issuance and staking. Custody means holding customers' coins for them; staking means locking up coins to help run a blockchain network in return for rewards. The application window for wholesale banks is reported to have opened on 30 September 2026.

Authorisation will not be handed out automatically. Firms have to meet specific requirements, and we have not seen the FCA statement ourselves, so check the dates against the FCA site.

The FCA set out the route in its wholesale banking supervisory report of 2 November 2026, according to Foresight News and NewsBTC. Banks that apply after 28 February 2027 but before 25 October 2027 fall into a transitional arrangement, under which they may honour contracts already signed but cannot sign new contracts with UK clients.

At the time of writing (13:55 UTC on 9 November 2026), Bitcoin (BTC) traded at $74,665, down 1.53% in 24 hours, with a market value of $1.5tn, according to InvestIn.News market data.

What does the FCA crypto deadline mean for UK users?

For ordinary crypto users in the UK, the practical change is who may be holding their coins and under what rules. A bank that wins authorisation would sit inside the FCA's consumer protection and safeguarding standards, rather than outside them. Users can check the FCA's public register for a firm's status, and the 28 February 2027 date is the one to watch for any bank that says it is applying. The limit is that applying is not the same as being approved: the FCA has said firms that fall short will not be authorised.

For traders, the bigger question is how many high-street banks actually want to offer crypto. UK banks have spent years restricting payments to crypto exchanges, and nothing in the reports says how many plan to apply. A bank offering custody or staking would give customers a regulated alternative to standalone crypto firms, but only once it is authorised.

How crypto users reacted to the FCA's bank opening

Kraz (@FieryVentures) said on X that UK banks getting the green light is huge, and that the FCA has opened the 'floodgates' for serious money to enter crypto.

Malhar Oza (@cryptomoza92) said on X that a single application in London can cover custody, staking, trading and stablecoin issuance, whereas the same ground in the US takes a trust charter, OCC approval for stablecoins, broker-dealer registration and a CFTC licence, "each with its own lawsuit".

Jacob Crypto Bury (@BuryCrypto) said on X, sarcastically, that banks have gone from "Bitcoin is a scam" to "Would you like custody or staking with that?".

Crypto Snyder (@snyder9t) said on X that this could bring more traditional finance into the crypto space, and Rachel chase (@Raeandrea37) said on X that UK banks moving deeper into crypto is an interesting development.

One reply took the opposite view. 斑马｜主流交易所返佣｜点数查询 (@Velmora_7) said on X, in Chinese, that at the UK's regulatory pace it will take another two years.

The next fixed date is 28 February 2027, the deadline for applications that let a firm keep operating while the FCA reviews it. The regime itself starts on 25 October 2027.

Key dates in the FCA's crypto rollout

Timeline of the FCA's crypto applications

• 30 Sep 2026: FCA opens crypto authorisation applications to firms
• 28 Feb 2027: Deadline for applications to keep operating during FCA review
• 25 Oct 2027: New UK crypto regime takes effect

Questions readers ask about UK banks and crypto

Is crypto regulated by the FCA in the UK?

The Financial Conduct Authority is bringing crypto firms into full regulation under a new regime that takes effect in 2027. Banks can now apply too, with a 28 February 2027 deadline to keep operating while applications are reviewed.

What is the 28 February 2027 deadline for UK crypto firms?

Firms that apply to the Financial Conduct Authority before 28 February 2027 and meet specific requirements may continue operating while their applications are reviewed, according to Solid Intel's post on X. The new UK crypto regime itself starts on 25 October 2027, nearly eight months after that application deadline.

What crypto services can UK banks apply to offer?

The route covers custody, trading, stablecoin issuance and staking. The reported application window for wholesale banks opened on 30 September 2026. Authorisation is not automatic and firms that fall short will not be authorised.

Our view on UK banks entering crypto

At InvestIn.News, our reading is that the UK is drawing banks inside its crypto rulebook rather than leaving the field to standalone firms. What counts most is the cut-off on 28 February 2027: a bank that files before then may carry on offering crypto services while the FCA works through its application, and on that basis we would expect filings to come early and in number.

The open question is appetite. UK banks have spent years blocking payments to crypto exchanges, and nothing in the reports says how many big banks actually want to offer custody, trading or staking to customers.

What would settle it is a named UK bank confirming it has applied before 28 February 2027, or the FCA publishing the list of applicants. Until then, the shift is real but unproven.

How we reported this: This story draws on a Solid Intel post on X, the public posts shown in the story and InvestIn.News market data.

Follow the latest on Regulation NewsFeeds, in short updates as the news breaks.

What to watch: Applications that keep a firm operating during review must be filed by 28 February 2027, before the regime starts on 25 October 2027.