Why bank transfer crypto claims ARE covered
A common misconception is that because the end investment was in cryptocurrency, banks have no responsibility. This is wrong. The PSR rules focus on how the payment left your bank account — if it was via Faster Payments or CHAPS to a UK account, the rules apply.
It doesn’t matter that the money ultimately went to a crypto exchange or fraudulent trading platform. What matters is that you made a bank transfer and were the victim of fraud.
Common crypto scam scenarios
Fake trading platforms showing impressive but fabricated returns. Social media ads featuring fake celebrity endorsements. Romance scammers who eventually introduce ‘investment opportunities’. Unsolicited contact about crypto opportunities. Being asked to download remote access software so someone can ‘help you invest’.
All of these can qualify for reimbursement if you paid from your UK bank account.
When crypto claims get complicated
Claims become more complex if you sent money from your bank to a legitimate exchange (like Coinbase or Binance) and then moved crypto to a fraudulent platform. In this scenario, the initial bank transfer may still be covered, but the chain of transactions requires careful analysis.
Claims involving direct crypto transfers (sending Bitcoin or Ethereum directly) without an initial bank transfer are harder to pursue through banking channels.
How we handle crypto claims
We review the full chain of transactions from your bank to the ultimate fraudster. We identify which transfers qualify under PSR rules, which bank obligations were breached, and build a case demonstrating that your bank should have detected the fraud indicators.
Banks are increasingly expected to flag payments to known or suspected fraudulent crypto platforms.