Buying bitcoin as a company: UK and US

Last checked 29 October 2026. Provider practices vary. Nothing here recommends a particular provider, and this site does not arrange purchases. If anything here conflicts with the linked source, the source wins.

Company bank accountPounds or dollars leave a company account, in the company's name.
ProviderAn exchange, broker or over the counter desk, after its company checks.
Test transactionA small withdrawal to the company wallet, checked on the signing devices.
Company 2 of 3 multisigThe balance follows once the test has arrived.

The usual path from the bank to bitcoin held in the company's own 2 of 3 multisig. General practice, not a rule.

The steps are the same in both countries. The checks a provider must run, and how banks treat these payments, differ.

What this means for your company

Set the policy and custody arrangements first; for company multisig, test recovery before funds move.
Check the provider and your bank's business-account restrictions, and prepare company identity and ownership records.
Check fees, spreads and withdrawal terms. Test a small withdrawal to the company wallet before transferring the balance.

Before the first purchase

The board should have approved a written treasury policy that sets the size of any holding, who can act, and how bitcoin will be held. The sizing guide, the policy guide and the board checklist cover this. The company's 2 of 3 multisig should be set up and its recovery tested before any money moves: see the key ceremony walkthrough. Agree how the purchase is to be funded, from retained profits, new share capital or a director or shareholder lending to the company, and keep the board minute and the bookkeeping evidence. See how a company funds a bitcoin purchase.

Types of provider

Companies usually buy through one of three kinds of business. The labels overlap, and one firm may offer more than one. They are described here in general terms only.

Type	How it works	Points to check
Exchange	A platform where buyers and sellers place orders. The company opens an account, sends money, places an order, then withdraws the bitcoin.	Fees and spreads, withdrawal limits, how long withdrawals take, and whether it supports company accounts.
Broker	The firm quotes a price and fills the order itself or through other venues. Often simpler, but the price may include a wider margin.	The all in price compared with a public market price at the same time, and how it settles.
Over the counter (OTC) desk	Arranged for larger trades. The desk agrees a price for the whole amount and arranges settlement directly.	Minimum sizes, how the price is fixed, the order in which money and bitcoin change hands, and written confirmation of the trade.

Exchange traded products that track bitcoin are another route for some companies. They are held in a brokerage account and carry different risks, tax and accounting. The custody guide compares them in general terms.

United KingdomGo to United States

Checking a UK provider

Check the firm on the FCA Financial Services Register and the FCA Warning List before sending money. Today, UK cryptoasset exchange providers and custodian wallet providers must be registered with the FCA for anti money laundering purposes. The FCA says registration is not a recommendation or endorsement of the firm. Under the new regime, firms will need FCA authorisation from 25 October 2027: see rules and insurance and our provider checklist for the October 2027 regime.

Source: FCA: Financial Services Register, FCA: ScamSmart: check a firm and the FCA Warning List, FCA: Cryptoassets: AML and CTF regime (registration, no FSCS or Ombudsman cover).

Company checks to expect in the UK

A UK cryptoasset business must carry out customer due diligence before it acts for a company. For a company customer, the law requires it to obtain and verify the company name, company number and registered office address, and to take reasonable measures to verify its constitution and the names of its directors and senior managers. It must also understand who owns and controls the company, identify beneficial owners, and assess the purpose of the relationship.

In practice, expect to provide:

Certificate of incorporation and articles of association.
Details of directors and of people with significant control, matching the Companies House register, plus identity checks on some of them.
A board resolution or minute authorising the account and naming who can act.
The purpose of the account and, often, where the money comes from.
Tax residence details for the company and its controlling persons, for the Cryptoasset Reporting Framework.

Source: legislation.gov.uk: Money Laundering Regulations 2017, regulation 28: customer due diligence for companies, Companies House: People with significant control (PSCs), HMRC: CRYPTO49000: Cryptoasset Reporting Framework.

Have these ready before you apply. Checks can take days or weeks, and a provider can refuse to open an account.

Bank friction in the UK

Some UK banks limit or restrict payments to cryptoasset providers. UK Finance, the banking trade body, said in October 2026 that these restrictions vary from bank to bank and reflect each bank's view of fraud risk, and that some banks set transfer limits or restrict certain types of payment. Banks have also been required to refund some customers who were scammed, even where the payment went to the customer's own account at a legitimate provider, which helps explain the caution.

Source: UK Finance: Letter to the APPG on Crypto and Digital Assets on access to banking, 5 October 2026 (PDF).

Practical steps, as general practice:

Check your bank's published limits for business accounts before you plan the size and timing of a purchase.
Pay only from an account in the company's name to an account at the provider in the company's name. Third party payments cause problems with both bank and provider.
Expect calls or holds on a first large payment. Allow time, and keep the board approval to hand.
Never pay on instruction from someone who contacted you. If in doubt, stop and check the firm independently.

UK firms must also collect, verify and share information about certain transfers under the Travel Rule, in force since 1 September 2023, so expect questions about where a withdrawal is going.

Source: FCA: Expectations for UK cryptoasset businesses complying with the Travel Rule.

United StatesGo to United Kingdom

Checking a US provider

Under FinCEN guidance, a business that exchanges or transmits bitcoin for customers is generally a money transmitter, a type of money services business (MSB). An MSB must register with FinCEN within 180 days of starting business, and its registration can be looked up on FinCEN's MSB Registrant Search. States have their own money transmitter laws, which vary, and New York requires a BitLicense for virtual currency business involving New York or its residents. This site has not checked every state. Check both the federal registration and the licence in each state that matters to you.

Source: FinCEN: FIN-2019-G001: business models involving convertible virtual currencies (PDF), FinCEN: Money services business definition and registration, FinCEN: MSB Registrant Search, New York DFS: Virtual currency businesses and the BitLicense (23 NYCRR Part 200), Cornell LII: 23 NYCRR 200.2: definitions, including virtual currency business activity.

Registration is not protection. Bitcoin held at a provider is not covered by FDIC deposit insurance, and SIPC does not protect digital assets that are not securities. See rules and insurance.

Source: FDIC: Fact sheet: what the public needs to know about FDIC deposit insurance and crypto companies, SIPC: What SIPC protects (not digital assets that are not securities).

Company checks to expect in the US

Under the Bank Secrecy Act, an MSB's anti money laundering programme must include verifying customer identification. Banks, broker dealers and some other financial institutions must also identify and verify the beneficial owners of a company customer: each person who owns 25% or more, and one person with significant responsibility to control or manage it, such as a chief executive or treasurer.

Source: eCFR: 31 CFR 1022.210: anti money laundering programmes for money services businesses, eCFR: 31 CFR 1010.230: beneficial ownership requirements for legal entity customers.

In practice, expect to provide:

Formation documents, such as the certificate or articles of incorporation, and evidence of good standing.
The company's employer identification number and a Form W-9, which brokers also use for tax reporting.
Names and identity checks for the beneficial owners and the control person.
A board resolution naming who can act, and the purpose of the account and source of funds.

The list is general practice and varies by provider. Have it ready before you apply.

Bank practice in the US

Federal bank regulators changed course in 2025. The OCC confirmed that custody and other crypto activities are permissible for national banks and removed its prior approval process. The FDIC said its banks can take part in permissible crypto activities without prior notice. The Federal Reserve withdrew its earlier crypto guidance. An executive order of 7 August 2025 directed regulators to remove reputation risk from supervision and said access to banking should not be denied because of lawful business activities.

Source: OCC: Interpretive Letter 1183 on bank crypto activities, 7 March 2025, FDIC: FIL-7-2025: process for banks to engage in crypto related activities, 28 March 2025, Federal Reserve Board: Withdrawal of guidance on crypto asset and dollar token activities, 24 April 2025, The White House: Executive Order: Guaranteeing Fair Banking for All Americans, 7 August 2025.

Each bank still sets its own fraud and risk controls, so the practical steps above apply in the US too: pay only between accounts in the company's name, check limits on wire transfers first, and allow time for checks on a first large payment. This is general practice, not a rule. Money transmitters must also follow FinCEN's Funds Transfer and Funds Travel Rules where they apply, so expect questions about withdrawals.

Source: FinCEN: FIN-2019-G001: business models involving convertible virtual currencies (PDF).

Both countries

Moving coins to the company multisig

Moving bitcoin from the provider to the company's own wallet is not a disposal for tax in either country, because the company keeps ownership. In the US, a network fee paid in bitcoin is itself a small disposal. The provider may ask where a withdrawal is going and whether the wallet belongs to the company.

Source: HMRC: CRYPTO41250: Corporation Tax on chargeable gains, what counts as a disposal, IRS: Digital assets.

1. Get the addressCreate a receiving address from the company 2 of 3 wallet.
2. Check on every deviceConfirm the address shown on each signing device matches the screen.
3. Send a small testWithdraw a small amount and wait for it to confirm.
4. Send the balanceCheck the address again, then withdraw the rest.
5. Record itNote the transaction ID, amount, fees and value in pounds or dollars.

The test transaction routine. Keep the address on the provider's withdrawal allow list if it offers one.

Showing the same receiving address on every signing device checks that all three devices agree on the same wallet. Sending a small amount first proves the path works before the main amount moves. Many providers let you save approved withdrawal addresses on an allow list, which stops withdrawals to any other address. Record the transaction ID, fees and value: in the UK some fees can be allowable costs, and in the US the record supports the basis of the coins in each wallet.

Source: Bitcoin developer documentation: Wallets guide: signing-only wallets and hardware wallets, Bitcoin BIPs: BIP 380: Output script descriptors, general operation (wallet backups and exports), Lockton (insurance broker): Cryptocurrency insurance: best practices for custodians, HMRC: CRYPTO41300: Corporation Tax on chargeable gains, allowable costs, IRS: Revenue Procedure 2024-28: allocating unused basis to wallets and accounts (PDF).

Leaving coins with the provider means the company is relying on that firm. This site's stance is that a company should hold its bitcoin in a 2 of 3 multisig, either alone or with a collaborative custody partner. A single key controlled by one person is not recommended. See the custody guide.

After the first purchase, see the scheduled buying policy for buying in instalments, withdrawing to the company wallet for the provider's questions, and securing the accounts for the exchange login.

Sources

Primary sources only. Each link was checked on 29 October 2026. Rules change, so confirm the current version with your adviser.

Education, not advice.

This is general information and education only. It is not financial, investment, tax, accounting, legal or regulatory advice, and it is not a recommendation to buy, sell or hold bitcoin or any other asset. It does not take account of your circumstances or those of your company. You must obtain your own official professional advice to confirm this information is correct before acting on it.

Rules change. This information is correct to our understanding at the last-reviewed date, but it may be incomplete or out of date, and official sources take precedence. Bitcoin is volatile. A company that buys it could lose some or all of the money it puts in.

Using this site does not create an adviser or client relationship. IoT Financial is not authorised or regulated by the Financial Conduct Authority (FCA) and is not registered with the US Securities and Exchange Commission (SEC) as an investment adviser. Read the full disclaimer.