‍How to Buy Bitcoin with M&T Bank

M&T Bank customers can easily purchase Bitcoin and other cryptocurrencies by using digital asset exchanges in the United States regulated by the Financial Crimes Enforcement Network (FinCEN).

Kraken is registered as a Money Services Business with FinCEN under ‘Payward Interactive, Inc.’ (MSB Reg No. 31000270997766). The platform facilitates USD deposits via ACH, SWIFT and wire transfers.

Follow this guide to buy Bitcoin with M&T Bank:

1. Register: Create your Kraken account and complete the required KYC verification steps by uploading valid government-issued identification.
2. Fund Account: After logging in, select the “Funding” tab to deposit USD directly from your M&T Bank account. 
3. Find Bitcoin (BTC): Within Kraken’s trading dashboard, search and select the BTC/USD pair.
4. Complete Your Purchase: Input the amount of Bitcoin you wish to buy, carefully verify transaction details including applicable fees, and confirm the purchase.

M&T Bank Cryptocurrency Policy

M&T Bank enables its customers to transfer funds to regulated exchanges, facilitating the purchase of digital assets. Customers should only use platforms that adhere to the SEC, FinCEN, and CFTC regulations. These regulations ensure that exchanges implement robust Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) measures.

The bank employs continuous monitoring of accounts and cardholder activity, utilizing data mining techniques for fraud detection and prevention. 

Deposits intended for cryptocurrency exchanges may undergo scrutiny, including fraud monitoring, spending limits, and compliance reviews. This vigilance can lead to delays or even the blocking of certain transfers, especially those deemed large or high-risk.

Alternative Crypto Exchanges for M&T Bank

There are several reputable exchanges regulated by FinCEN available in the United States. M&T Bank clients can use multiple alternative crypto platforms, including:

• Binance.US: The U.S. version of the world’s largest crypto exchange, Binance. It offers competitive fees and access to over 150 cryptocurrencies for spot and futures trading.
• Coinbase: Listed on NASDAQ and fully compliant with U.S. financial regulations, Coinbase offers user-friendly tools and supports approximately 200 digital currencies.
• Uphold: This San Francisco based platform allows trading of 300+ cryptocurrencies, traditional currencies, and commodities, offering investors broader asset exposure.

M&T Bank customers should carefully evaluate each exchange’s fees, cryptocurrency availability, transaction limits, and state-specific regulations before initiating any fund transfers.

Cryptocurrency Exchange Fees

M&T Bank account holders who plan to purchase cryptocurrency through regulated U.S. exchanges should be aware of varying fees associated with deposits, withdrawals, and trading:

• Deposits: Typically, exchanges allow ACH transfers from M&T Bank without additional fees. However, funding via credit or debit cards usually involves transaction fees.
• Withdrawals: While withdrawing USD through ACH to your bank account is generally free on most exchanges, wire transfers might carry additional costs.
• Trading Fees: Each platform has distinct pricing structures. Kraken has low fees (0.16% for makers and 0.26% for takers), Coinbase charges higher rates from 3.49%, and Uphold applies fees through price spreads averaging around 1.49%.

To minimize expenses, M&T Bank customers should regularly review the latest fee schedules published by their chosen crypto exchange.

About M&T Bank

​Established in 1856 in Buffalo, New York, M&T Bank Corporation has grown into a leading U.S. commercial bank. The bank has over 1,000 branches and 2,200 ATMs across 12 states from Maine to Virginia and Washington, D.C. 

With assets totaling $211 billion, and a dedicated workforce exceeding 21,000 employees, M&T offers a comprehensive suite of financial services, including personal and business banking, mortgages, investments, and insurance.‍

Final Thoughts

Purchasing cryptocurrency with M&T Bank is secure when using regulated exchanges like Kraken, Coinbase, or Uphold. 

To ensure a smooth investment experience, always verify each platform’s fees, compliance measures, and deposit methods in advance.