UK crypto advocates launch campaign against banks blocking exchange transfers
Stand With Crypto UK says banks are restricting access to regulated exchanges even as policymakers seek to position the country as a hub for digital asset innovation.
Stand With Crypto UK is urging its 286,000 members to challenge British banks restricting transfers to cryptocurrency exchanges, arguing that blanket limits on transactions to regulated platforms are restricting access to digital assets.
The new campaign cites a report from the UK Cryptoassets Business Council that found 40% of crypto transactions are blocked or restricted by UK banks. The group argues that many of the restrictions apply to transfers involving exchanges registered with the country’s Financial Conduct Authority and do not account for individual customer risk profiles.
According to the report, one exchange recorded nearly 1 billion British pounds in declined transactions over a one-year period due to bank-side rejections, while 80% of surveyed platforms reported an increase in blocked or restricted transfers.