Can I Buy Crypto with UOB?

Yes, you can buy crypto with UOB, although the bank doesn't directly provide cryptocurrency trading or custodial services. Instead, UOB users can transfer SGD to licensed crypto exchanges in Singapore operating under regulations from the Monetary Authority of Singapore (MAS). 

This process ensures compliant transactions for purchasing digital currencies like Bitcoin, Ethereum, Solana, Hyperliquid, and other popular assets.

How to Buy Bitcoin with UOB

UOB customers can buy Bitcoin and other digital currencies by transferring Singapore Dollars (SGD) to reliable crypto exchanges regulated by the Monetary Authority of Singapore (MAS).

One trusted exchange in Singapore is Independent Reserve, regulated by MAS under license No. PS20200517. It accepts SGD deposits directly through PayNow, FAST, and local bank transfers.

Start trading Bitcoin on Independent Reserve using your UOB account with these steps:

1. Register an Account: Set up your Independent Reserve account and complete the identity verification (KYC) process required by MAS regulations.
2. Deposit Funds: Go to the deposit page on Independent Reserve, select SGD as your deposit currency, and follow the simple instructions provided to initiate a bank transfer from your UOB account.
3. Pick Your Cryptocurrency: After the funds appear in your Independent Reserve account, select Bitcoin or any available cryptocurrency, confirming that SGD is your chosen trading currency.
4. Complete the Purchase: Enter the exact amount you wish to buy, carefully review all transaction details, and confirm your purchase.

UOB Cryptocurrency Policy

UOB does not provide direct cryptocurrency trading or custody services. However, customers can transfer Singapore Dollars (SGD) to regulated digital asset exchanges licensed by the Monetary Authority of Singapore (MAS). These platforms adhere to stringent regulatory standards, ensuring compliant transactions for purchasing and managing cryptocurrencies.

The bank classifies cryptocurrencies as high-risk assets, aligning with MAS's guidelines aimed at mitigating risks associated with money laundering and terrorism financing. UOB maintains rigorous oversight to ensure compliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations.

Alternative Crypto Exchanges for UOB Customers

UOB account holders can select from several reliable exchanges apart from Independent Reserve. These platforms comply with MAS regulations and support SGD deposits:

• Coinhako: A popular choice among Singaporeans, Coinhako supports SGD bank transfers from UOB accounts. The exchange provides access to over 100 cryptocurrencies, typically charging fees around 1% per transaction.
• Gemini: Gemini facilitates direct SGD transfers from UOB accounts, offering about 120 cryptocurrencies. The trading fees generally range from 0.25% to 0.35%.
• Crypto.com: Crypto.com enables SGD deposits through UOB bank transfers, granting customers access to more than 250 cryptocurrencies. Fees are competitively structured, starting at approximately 0.4% per trade.

When selecting an exchange, UOB customers should evaluate critical aspects such as transaction fees, crypto availability and ease of fund transfers directly from UOB accounts.

About United Overseas Bank (UOB)

United Overseas Bank (UOB), established in 1935 and headquartered in Singapore, is a prominent financial institution in Asia with a network spanning over 470 branches and offices across 19 markets in the Asia Pacific, Europe, and North America. 

The bank offers a comprehensive suite of services, including personal and corporate banking, wealth management, and treasury operations. UOB's commitment to innovation is evident in its digital initiatives, including the launch of TMRW, a mobile-only digital bank targeting the ASEAN market.

Final Thoughts

UOB provides a secure way for customers to invest in cryptocurrency through MAS-regulated exchanges. Using licensed platforms like Independent Reserve, Coinhako, Gemini, or Crypto.com ensures low fees, diverse crypto options, and simple SGD deposits.

To maximize your trading experience, carefully evaluate each exchange's regulatory compliance, fees, asset availability, and deposit convenience.