Is Xapo Bank crypto friendly?
Yes. Bitcoin and stablecoins are the core product, though the bank publishes no policy on transfers to exchanges.
CBL Score: 14 of 16
| Criterion | Score | Source |
|---|---|---|
| Accepts exchange transfers | yes (2) | unverified |
| Stablecoin off-ramp | yes (2) | source · checked 8 September 2026 |
| Business accounts for Web3 | yes (2) | source · checked 8 September 2026 |
| Custody | yes (2) | source · checked 8 September 2026 |
| Staking and yield | partial (1) | source · checked 8 September 2026 |
| Card | yes (2) | source · checked 8 September 2026 |
| Multiple jurisdictions | partial (1) | source · checked 8 September 2026 |
| Open to retail | yes (2) | source · checked 8 September 2026 |
Total 14 of 16. Yes scores 2, partial 1, no 0. A secondary source is press or a third party rather than the bank or its regulator. Unverified means no source could be found; the score stands until one is.
Score history
Scores are revised when a bank's documents change. Each revision is dated and sourced.
| 8 September 2026 | Business accounts for Web3 | no to yes | source |
Standing
| Jurisdiction | Gibraltar |
| Type | Crypto-native |
| Health tag | Solid Full Gibraltar banking licence, profitable since 2023. Disclosure is thinner than listed peers. · checked 26 August 2026 |
| P2P tolerance | Unknown Built as a crypto bank, so crypto-linked transfers are its core business. Too few first-hand P2P reports to tag with confidence. · community-reported, separate from the score |
| Last verified | 14 September 2026 |
If they close your account
Closure policy: Clear
| Notice | Two months. Clause 18.5 says Xapo Bank may close the account and end the agreement with two months' written notice. Clause 18.6 allows immediate closure without notice for listed grounds, including criminal or fraudulent use, 24 months of no transactions, inability to verify information, abusive conduct, refusal of revised terms, unpaid fees, insolvency, death, or any breach of the agreement. |
| Reasons given | By category only (terms breach, security risk, missing documents) |
| Access to funds | Clause 18.4: the client must withdraw the remaining balance within a reasonable timeframe, after which app access is lost and support must be contacted; Xapo may charge fees for holding the funds. Clause 16.5: on closure for any reason Xapo refunds any remaining balance as quickly as it can, allowing five days for outstanding card purchases plus two to three working days for the receiving bank. Clause 7.5 lets Xapo suspend or limit access while verification or regulatory issues are open. |
| Appeal | Clause 23: an internal complaints procedure with escalation. If still unsatisfied the client may take the complaint to the Gibraltar Financial Services Commission (GFSC), and clause 23.4 points to the Gibraltar courts. |
| Names crypto as a ground for closure | no |
Sources: Xapo Bank Limited terms of service, clauses 7.5, 16.5, 18 and 23 · official, checked 23 September 2026
A closure usually starts as a freeze. The Frozen Account Survival Kit covers the first 48 hours. Every bank side by side: which banks tell you why they closed your account.
What Xapo Bank allows and blocks
Allowed
- Bitcoin deposits and withdrawals, on-chain and over Lightning (Lightning capped at USD 1,000 per invoice and USD 5,000 per 24 hours)
- USDC on Ethereum or Solana and USDT on Ethereum or Tron, converted to USD in the account on arrival
- USD, GBP and EUR in and out over SWIFT, FedACH, FedWire, SEPA, SEPA Instant and Faster Payments
- Interest paid daily in Bitcoin: 3.35% variable on USD savings and 0.25% variable on Bitcoin, on balances up to 2 BTC
- A metal, standard or virtual debit card with no FX markup and up to 1% cashback in Bitcoin
- Accounts for businesses, trusts and qualifying financial institutions, including exchanges and digital asset treasuries
- Bitcoin custody through Xapo VASP Limited, a GFSC-regulated DLT provider, held 1:1 with MPC key sharding
Blocked or restricted
- US residents, citizens and US entities, plus a list of 27 other countries including Russia, Ukraine, Venezuela and Nicaragua
- Third-party USD payments over ACH or FedWire: USD must move between accounts in the member's own name, or be business payments such as payroll
- UK residents cannot make USD transactions and cannot use lending products
- Any digital currency other than Bitcoin sent to a Bitcoin address is lost; the VASP terms say Bitcoin is the only supported digital currency
- Institutional accounts cannot pay suppliers or run payroll; every transfer must match the entity's own name
- Accounts can be suspended or limited at the bank's discretion and closed after 24 months without a transaction
The Fine Print
- Suspended means locked out: accounts can be blocked at Xapo's sole discretion, including at a third party's request, and you may not reach your funds while blocked.
- Your account can close itself: 24 months without a transaction is grounds for immediate closure, and unclaimed balances can incur dormancy fees.
- Send the wrong coin, lose it: the service is Bitcoin-only unless stated, and assets sent outside that scope may be lost with no claim.
- The good clause: the Bitcoin Reserve, Xapo's own fund covering users after hacks, theft or its bankruptcy, Vault users paid first, with no promise it is big enough.
- Small remedy, far away: liability capped at $100 or one month's fees, confidential Gibraltar arbitration, no class actions, claims expire after one year.
Opening an account
- You need a valid government ID such as a passport, proof of address, and a live photo or video check in the app.
- The membership fee is USD 1,000 a year, deducted in full once the balance reaches USD 1,000 or the same in Bitcoin. Cancel within 30 days for a full refund.
- The bank does not publish a verification time. Reviews and Trustpilot complaints describe delays from strict KYC checks.
- Residents of the United States and 27 other countries are turned away. UK residents get an account but no USD rails and no loans.
- There is no minimum balance, but the fee makes the account a poor fit for small balances.
Fees that matter
- Account maintenance is USD 1,000 a year. Dormant accounts pay USD 50 a year on fiat and USD 100 a year on crypto.
- SWIFT out costs 0.2% plus the USD equivalent of GBP 25. SWIFT in costs 0.3% for USD and 0.8% for other currencies. FedACH in is USD 0.50 plus 0.1%, FedACH out is USD 30 plus 0.15%. SEPA and Faster Payments cost pennies.
- Bitcoin trading spread is 0.29%. Lightning carries no Xapo fee and at most 15 sats of routing. USDC on Ethereum converts 1:1 with no fee, Solana USDC carries a 0.10% spread, USDT converts at a market rate. Blockchain fees apply on stablecoin transfers.
- Card: no issuance fee, one free replacement a year then USD 25, no FX markup, ATM free up to USD 100 a month then 2%.
- Fiat deposits are covered by the Gibraltar Deposit Guarantee Scheme up to the USD equivalent of GBP 120,000. Bitcoin is not covered by any deposit guarantee.
Regulatory history
| 2021 | Gibraltar approved a full credit institution licence for Xapo Bank Limited (GFSC Permission No. 23171), after the earlier e-money licence was surrendered. source |
| 2024 | Xapo passported its Gibraltar licence into the UK in August 2024, offering interest-bearing USD and Bitcoin accounts to UK residents; Xapo VASP Limited operates as a GFSC DLT Provider under Permission No. 26061. source |
| 2026 | Depositor information sheet updated January 2026 confirms fiat deposits are covered by the Gibraltar Deposit Guarantee Scheme up to the USD equivalent of GBP 120,000. Bitcoin is not covered. No fines or public warnings found. source |
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Questions about Xapo Bank
Does Xapo Bank let me send money to Kraken or Coinbase?
Xapo does not publish a policy on transfers to exchanges. USD over ACH or FedWire can only go to accounts in your own name or to business payments such as payroll, which may rule out an exchange's pooled bank account. Bitcoin and stablecoins move freely, so most members move value on-chain instead of by wire.
Can I deposit USDT or USDC into Xapo Bank?
Yes. Send USDC on Ethereum or Solana, or USDT on Ethereum or Tron, and the bank converts it to USD in your account on arrival. USDC on Ethereum converts 1:1 with no fee, Solana USDC carries a 0.10% spread, and USDT converts at a market rate. A blockchain fee applies on the transfer.
How much does Xapo Bank cost per year?
The membership fee is USD 1,000 a year, taken in full once your balance reaches USD 1,000 or the equivalent in Bitcoin. You get a full refund if you close the account within 30 days. Dormant accounts pay USD 50 a year on fiat and USD 100 a year on crypto.
Is Xapo Bank available in the US or UK?
US residents, citizens and US entities cannot join. UK residents can open an account since the 2024 passporting, but they get no USD transactions and no lending products, so they work in GBP over Faster Payments and EUR over SEPA.
Closest alternatives
Yes. Crypto moves freely in and out, but the card cannot buy crypto elsewhere and the old app lost its crypto features in the EEA on 30 June 2026.15/16AMINA Bank
Yes, but only for professional clients and companies. Individuals need CHF 500,000 in assets plus finance experience, or CHF 2 million.