Bank of America Cryptocurrency Policy

Bank of America Cryptocurrency Policy

Robert McDougall 

January 8, 2024


The Bank of America is one of the world's leading financial institutions and a primary provider of financial services to individuals, small businesses, and growing businesses in the United States. We understand that together with Citigroup, Wells Fargo, and JPMorgan Chase, the Bank of America (BofA) controls over 45% of customer deposits in the United States.

From where we see it, many Bank of America account holders are interested in crypto investments. As a modern financial institute, the institution looks favorably towards crypto and other investments present in the digital sphere to further enhance its customer base and satisfy the existing users.

As it is now, we believe that Bank of America has a positive stance on cryptocurrencies, and users can utilize their funds from the bank to finance their crypto investments. In this article, we will discuss Bank of America's crypto policy and understand what makes its stance friendly for investors.

Bank of America’s Position on Cryptocurrencies

Before we look at the policy in detail, there’s some good and bad news for you. The good news is that you can invest in cryptocurrencies through your Bank of America account. The bad news is that the BofA platform doesn’t offer dedicated resources for investing in cryptocurrencies. If you do plan to invest in crypto, you’ll have to deposit funds from your BofA account to an external regulated crypto exchange. Here’s how we understand this policy:

Current Stance on Cryptocurrencies

The Bank of America is a crypto-friendly bank that allows US clients to deposit and withdraw USD from all regulated and approved digital exchanges.

You can sign up with a trusted US-regulated cryptocurrency exchange and deposit USD from your BofA account to buy and sell crypto assets.

BofA has also started researching the potential of digital currencies, with their focus centered on stablecoins. As part of this research, the Bank has expanded investment in blockchain technology, with future potential of adopting it as a tool and resource for digital investment. 

Official Policies and Research

As mentioned, the Bank of America doesn't support cryptocurrency transactions or investments on its dedicated trading platform. As a result, their online banking options, mobile apps, and physical branches do not support any form of crypto transactions.

However, the current unavailability of crypto trading and investment options on the Bank of America platform doesn’t necessarily mean the bank isn’t working on researching the digital frontier. The bank published a report in 2021 titled “Digital Assets Primer: Only the first inning,” led by Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy.

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Digital assets are transforming the way in which markets, businesses and central banks operate. Bank of America offers a market-leading global payments platform and integration with global exchanges, and the addition of digital asset research further strengthens the depth and breadth of our offerings for investors.

Upon further investigation, we found that the research also sets guidelines for customers on how they can realistically invest their money in safe and secure crypto assets. The research recommends customers to understand the volatility of crypto assets and secure investments through stablecoins. Additionally, it places an emphasis on only choosing FinCEN-endorsed exchanges.

How to Trade Crypto Using Bank of America Account

Now that we understand Bank of America’s policy for crypto trades and investments, let’s look at a realistic blueprint that customers of BofA can follow to invest in crypto.

Perhaps the safest route for investing in crypto assets through your Bank of America account is by depositing money into a FinCEN-endorsed exchange for cryptocurrency. All Bank of America customers can transfer their USD from the bank account into an exchange through Venmo, ACH Transfer, credit card, or debit card.

The deposit can be made into a trusted crypto exchange where assets like Bitcoin, Solana, and Ethereum can be traded or purchased. Buying cryptocurrency from a regulated exchange is fairly simple and usually entails the following three-step process:

  1. Create an account for the exchange of your choice.
  2. Deposit funds from your Bank of America account to the exchange.
  3. Select the cryptocurrency you want to purchase.

When it is time to sell your crypto and realize profits, you can withdraw USD to your Bank of America account.

Factors Influencing Bank of America’s Policy

We’ve understood how the Bank of America does not allow crypto investments through its platform. But what’s the reasoning behind this policy? Let's break it down into the drivers behind this policy:

Regulatory Concerns

The Bank of America has to work with the rules and regulations put down by the United States government and other financial authorities. We understand that many of the rules in place within the United States help maintain the trust and security of the current system. 

The institution lives by its reputation and is a staunch believer in playing on the right side of the law. This is why it does not break regulatory barriers to provide accessibility to customers. From how we see it, this is a good move on the bank’s part; not only is there no proper framework but also a huge threat of money laundering. That coupled with the huge responsibility of complying with tax regulation makes a solid argument behind the bank’s decision. 

Market Volatility

Cryptocurrencies can be as unpredictable as the weather, and the bank wants to minimize its exposure to these financial storms. By doing so, it protects itself and its customers from potential losses.

This cautious approach helps protect customers from the risks associated with unregulated and speculative assets, which could lead to significant financial losses. The Bank wants what's best for customers, be it through the provision of quality funds or investment opportunities. Cryptocurrencies are volatile in nature and may not match the criteria the bank has in place to approve investments. 

Industry Trends and Competitor Actions

The financial world is like a game of chess, with every player watching their opponent's moves. Bank of America is no different. It closely observes industry trends and competitor actions to make informed decisions about its crypto policy. By allowing customers to deposit USD to US-regulated exchanges, the bank aligns itself with the growing trend of financial institutions cautiously participating in the crypto market.

As stated above, Citigroup, Wells Fargo, JPMorgan Chase, and the Bank of America (BofA) make the top 4 of the US banking industry. The other three competitors have a similar policy that limits digital assets on the bank's platform but allows customers to invest through external US-regulated exchanges.

Customer Services and Support

As per statements made by CEO Brian Moynihan at the World Economic Conference in Davos, the Bank of America does not offer or plan to offer crypto investment options in the near future.

Speaking at the World Economic Conference in Davos, Brian Moynihan, the CEO of the Bank of America, mentioned that the bank has no current plans of exploring or investing in crypto products. Due to this stance, the bank currently does not offer any additional services to crypto customers — which includes customer service and support.

Moynihan further elaborated on this crypto stance by mentioning that the Bank cannot engage in crypto offerings due to regulations and the industry's volatility. 

Patents in the Blockchain

The Bank of America has hundreds of patents invested in the blockchain as a tool, technology, and process. The technology, once it gets more advanced, can help customers digitally transfer money.

Additionally, it is already part of the digital movement of money, with over 60% of all customers partaking in the digital transfer of money. The bank is truly digital and supports transactions made to approved exchanges but does not have a mechanism of its own in place.

Educational Resources for Customers

The Bank of America published a report entitled “Digital Assets Primer: Only the first inning,” led by Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy, in 2021. The report includes significant details related to the digital cryptocurrency ecosystem.

Upon reading the report, we found out that it educates users on the best ways to invest in crypto and highlights the importance of stablecoins. Stablecoins are pegged to a fiat currency and the report identifies them as a means of bridging the gap between fiat and digital currencies.

Security and Risk Management

While specific details about Bank of America's security and risk management approach for cryptocurrencies are not readily available, the bank's overall digital information security and data protection approach can be found on its website. This approach focuses on protecting customers from digital threats and maintaining the security of their financial information.

Security Measures

Once users link their accounts to cryptocurrency exchanges, they expose themselves to the potential risks of hacking and phishing that come through these channels.

The Bank of America has implemented various safeguards to protect its customers' assets from fraudulent activities and hacking attempts. One key strategy is the use of multi-factor authentication, which requires users to provide multiple forms of identification before accessing their accounts.

Additionally, Bank of America has invested heavily in cybersecurity technology and regularly conducts security audits to identify and address any vulnerabilities. They also have a team of experts who monitor the cryptocurrency market and stay up-to-date on the latest security threats.

Customer Safety

On a secondary note, we also encourage all customers to actively protect their information by following security best practices, such as using strong, unique passwords, enabling two-factor authentication, and being cautious when clicking on links or downloading attachments.

Future Outlook and Potential Challenges

Currently, integrating cryptocurrencies and investment options on Bank of America's primary portal depends on FED regulations and approvals. However, once the market becomes more favorable, we strongly believe that the institution will tap the crypto industry.

Official Stance for the Future

We understand that the Bank of America and its board of directors have shown interest in the digital sphere. It is worth noting that Bank of America has invested $17 billion in blockchain and cryptocurrencies, highlighting the bank's commitment to understanding and leveraging these technologies.

As the digital asset market continues to evolve, Bank of America will likely continue to develop its digital integration and offer investment opportunities presented by cryptocurrencies and related technologies.

Possible Challenges Bank of America Will Face in the Future

Once Bank of America does decide to invest in digital cryptocurrencies, it will face a myriad of challenges. For starters, we believe that the BofA will have to invest in a robust security mechanism. As digital assets become more popular, the risk of cyberattacks and security breaches increases.

Additionally, we believe the bank will have to invest in a greater tech stack. Integrating cryptocurrencies into the bank's existing infrastructure may require significant technological upgrades and investments. Bank of America will need to stay ahead of the curve in terms of technology and be prepared to adapt to the rapidly changing digital asset ecosystem.

Lastly, cryptocurrencies are host to volatility and rapidly changing ecosystems. As part of the current research into the digital sphere, the Bank of America has shown interest in stablecoins as the bridge between fiat and digital currencies. The bank will have to integrate solid fiat currency-backed Stablecoins to leverage the potential of digital currencies without the volatility that defines them.

Alternatives to Consider for Cryptocurrency Investments

If you’re a seasoned crypto investor and want to manage your crypto investments from one unified portal, you’ll have to make the shift from Bank of America to another account that offers what you require.

Fortunately, we have run the hard miles for you, and will educate you on the best alternative bank account/app options you have to manage your crypto trading. Here are the most crypto-friendly institutions and banks:


Juno is a fintech app that stores both fiat currencies and cryptocurrencies in one seamless account. The app also integrates with crypto wallets and can help you off-ramp crypto assets to an insured account in seconds.

Juno is new to the scene, but offers the functionality one would expect from a conventional bank. How does it do that? Well, from our experience, Juno offers cryptocurrency banking by helping you automate a fixed percentage of your incoming assets into cryptocurrency. As a result, you’re directly saving a fixed proportion of your income in cryptocurrencies, without actually doing anything.

We also like how Juno works like a conventional account to give the option of a debit card for crypto investments. You can use the debit card to withdraw cash from any ATM, just like you would from your regular card.


Revolut making it to this list shouldn’t come as a surprise to anyone. In fact, since its launch in 2015, the online bank has become a pioneer in modern financial services, with crypto support just one of the possibilities it provides.

Revolut is FDIC-insured and supports over 50 cryptocurrencies, including the usual suspects like Ethereum, Bitcoin, and Solana. We personally tried the bill-paying feasibility offered by Revolut and are a big fan of it. Users can settle bills through their crypto account, as the bank automatically converts the crypto assets to the current market value for fiat currency.

The digital sphere is evolving, and Revolut sits at the center of it all with its own cryptocurrency and convenient crypto payment models. The quick service and turnaround time will make the otherwise expensive 1.99% fees on all crypto transactions sound manageable.

Cash App

If you’re going truly digital, the Cash App can be a great alternative. Think of the Cash App as an upgrade to your conventional Bank of America account. The app gives you the feasibility to buy Bitcoin and other popular coins directly from the mobile app.

You can also top your account using the auto debit feature, and can use it to add funds to popular exchanges.


Wirex, like some of the other names in this list, set out to be a crypto-friendly banking app from the word go. The platform allows users the feasibility to buy over 37 digital currencies. We also loved the cross-chain bridge, which helped us shift and move tokens across different networks on the blockchain.

However, what makes Wirex a favorite for us is the 8% cashback on all purchases made through your crypto debit card. The cashback is massive and perhaps the most amongst the online banks we tried and tested.

Should You Switch to Alternatives?

Switching to an alternative bank account can be a challenging decision. While you’ve got the trust and reliability of your conventional banking account, online banking apps can be a bit tricky for old-timers. However, we follow an upgrade, not replace, policy here. Hear us out.

Rather than totally replacing your Bank of America account with an online fintech app, we suggest adding one of these apps to the mix, without closing any account. Conventional banking has its perk, but the more contemporary modes of banking are superior in digital transactions and quicker.

So, why choose between the both, when you can have the best of both worlds with two different accounts? Let your Bank of America account be as it is while you choose one of the many alternatives we mentioned above, to diversify your investments. The crypto world calls, but not at the expense of your BofA account. 


In conclusion, while it is clear that the Bank of America does not offer direct cryptocurrency offerings, it does allow account holders to deposit funds into digital asset exchanges. An exchange like eToro allows BofA customers to buy and trade over 75 cryptocurrencies, as well as other assets, such as stocks and indices.

We recommend customers stick to FINRA and FinCEN-backed platforms and exchanges. Customers should avoid unregulated exchanges and follow safety and security protocols.

As cryptocurrencies and their regulations evolve, we might even see widespread adoption of cryptocurrencies and assets. Until then, BofA customers can trade on approved exchanges by depositing USD from their bank accounts.


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