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The United Kingdom’s capital, London, is one of the biggest financial centers globally. Unsurprisingly, fintech adoption in the country remains strong with both Deloitte and EY rating London as a leading global hub for financial technology.

According to a survey by YouGov late last year, 93% of individuals in the U.K. have heard of Bitcoin. More importantly, nearly a fourth of the respondents to the survey said that they understand Bitcoin “fairly well.” However, only 4% of the respondents in the survey said that they have purchased Bitcoin.

But with what seems like a high awareness level, it wouldn’t be surprising to see Bitcoin adoption picking up pace in the U.K., especially considering that the regulatory environment remains on the favorable side.

In October 2022, UK lawmakers voted in favor of recognizing crypto assets as regulated financial instruments and products in the country. Andrew Griffith, the financial services and city minister, said "The substance here is to treat them [crypto] like other forms of financial assets and not to prefer them, but also to bring them within the scope of regulation for the first time."

In August 2021, Paypal announced that it is launching its cryptocurrency service in the Untied Kingdom. The service lets customers buy, hold and sell bitcoin, bitcoin cash, ethereum or litecoin. Be aware, cryptocurrency purchases through Paypal can NOT be moved outside the app to a personal wallet. They can only be held or sold.

One of the easiest ways to buy Bitcoin in United Kingdom is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in United Kingdom, allowing you to select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.

Additionally, Bitcoin buyers need to keep in mind that certain exchanges might require you to get a wallet of your own before being able to buy the digital currency. Even if there is no requirement, it is recommended to have a wallet of your own for security reasons (preferably a hardware wallet).

Another way to buy Bitcoins in United Kingdom is through automated teller machines (ATMs). These ATMs allow users to instantly purchase the cryptocurrency using cash, and most of them only require a telephone number for verification, so long as you aren’t buying a lot of Bitcoin. You can locate Bitcoin ATMs in United Kingdom using our Bitcoin ATM Map.

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Crypto exchange based in UK gets hacked

At the end of 2020, cyrptocurrency exchange EXMO was hacked, losing 5% of its assets held in its hot wallets (worth $4M USD). After the exchange platform noticed massive withdrawals of Bitcoins and five other cryptocurrencies, it suspended all transactions until further notice. EXMO also assured its users that they would be compensated for the financial losses from its own insurance funds.

EXMO representatives declared they were also conducting an investigation, in addition to the one conducted by the police.

This story is still developing, so check back regularly for updates.

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Britain’s decision of making an exit from the European Union is expected to boost demand for Bitcoin in the country.

That’s because Bitcoin’s purpose of serving as a digital currency that transcends borders will help users make or accept payments, and also hedge their assets in case of a “hard” Brexit.

Bank of England governor Mark Carney has warned that the British pound could lose a quarter of its value in case of a no deal Brexit (an event where the U.K. leaves the EU without striking a trading agreement).

This has triggered more interest in an alternative currency such as Bitcoin as its value is not controlled by any government.

Cryptocurrency exchange Binance, which recently started its operations in Jersey – a self-governing dependency of Britain – is overwhelmed with registrations on the platform as it allows users to trade pounds and euros with Bitcoin.

In the end, it can be concluded that the state of Bitcoin in the U.K. seems healthy thanks to the variety of reasons listed above that could boost demand for the cryptocurrency going forward.

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Does Coinbase work in United Kingdom?

Citizens of United Kingdom can convert, buy, and sell cryptocurrencies with fiat. Supported payment methods are:

• Bank Deposit
• PayPal
• UK Bank Account
• SWIFT Account
• 3D Secure Credit Card
• Debit Card
• Credit Card

Where Can I Find a Bitcoin ATM in United Kingdom?

United Kingdom offers many ATMs for its citizens to buy Bitcoins with Cash.

You can use our Bitcoin ATM finder tool to find the one nearest you.

What is the price of Bitcoin in United Kingdom?

Bitcoin prices are changing every second.

The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.

How do I cash out of Bitcoin in United Kingdom?

Any exchange with a Pound sterling trading pair will allow you to sell your Bitcoin for fiat currency. Bitpanda has GBP trading pairs for many popular coins.

Another way to sell Bitcoins in United Kingdom is through automated teller machines (ATMs). These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren't totally private. You can locate Bitcoin ATMs in United Kingdom using our Bitcoin ATM Map.

LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.

You could also use a service like eGifter to sell your Bitcoin for gift cards.

What is the regulatory environment around Bitcoin like in the UK?

The Financial Conduct Authority (FCA) is the U.K.’s financial regulatory body. Though the FCA regulates some crypto-assets in the U.K., Bitcoin is still out of its purview and is not considered legal tender. However, the U.K. government is in favor of Bitcoin being regulated by the FCA in a bid to prevent money laundering and protect the interests of investors.

So far, the FCA hasn’t had jurisdiction over Bitcoin as it doesn’t put virtual currencies into the same bracket as commodities or currencies. According to the FCA, “cryptoassets designed primarily as a means of payment or exchange would not generally sit within the scope of FCA authority.” However, since the agency is tasked with providing protection to consumers and investors, it has followed a wait-and-watch strategy.

But it looks like the FCA could bring Bitcoin under its umbrella this year. According to John Glen, the economic secretary to the Treasury, “The government will consult early next year to explore whether other crypto-assets that have comparable features to specified investments but that fall outside the current perimeter should be captured in regulation.”

Glen further added that the U.K. government believes that “benefits could potentially develop in the future through the use of initial coin offerings as a capital raising tool.” This indicates that the British government is potentially looking at promoting Bitcoin in a more regulated manner going forward by putting structures in place that will provide avenues for investor compensation and consumer grievances.

As it stands, cryptocurrency exchanges are required to register with the FCA, and are subject to the agency’s anti-money laundering standards just like the other financial institutions in the country. So a move aimed at providing investor protection can boost Bitcoin demand in the U.K. going forward as potential buyers will be assured that there interests will be looked after by a governing agency.