UK crypto advocates push to ease bank transfer curbs

Traders Union
All News
Crypto News
UK crypto transfer curbs

Highlights

Stand With Crypto UK launches a campaign urging 286,000 UK advocates to pressure banks to remove blanket restrictions on crypto exchange transfers.
The UK Cryptoassets Business Council's 'Locked Out' report finds about 40% of attempted transactions from UK banks to exchanges are blocked or delayed, with nearly £1 billion in a year cancelled at one exchange.
Despite FCA proposals to allow investment funds up to 10% crypto allocation and expanded retail access via ISAs, banking restrictions remain a critical hurdle for broader digital asset adoption.

Campaign targets bank limits on exchange payments

The Block reports that Stand With Crypto UK launches a campaign on Wednesday calling on banks to remove what it describes as blanket restrictions on transfers to crypto exchanges, including platforms registered with the Financial Conduct Authority. The group says it is urging its more than 286,000 registered UK advocates to submit complaints to their banks over the curbs.

Stand With Crypto UK cites the UK Cryptoassets Business Council's "Locked Out" report, released earlier this year, which says about 40% of attempted transactions from UK banks to crypto exchanges are either blocked or delayed. The study also says 80% of exchanges report a noticeable increase in customer friction over the past year, while one exchange reports nearly £1 billion in cancelled transactions over a year because of bank rejections.

In a statement, Stand With Crypto UK Director Adriana Ennab says people across the UK are being blocked from accessing a legal asset class because banks have imposed blanket restrictions on an entire sector. She says consumers should be treated as individuals rather than subjected to one-size-fits-all policies.

Regulatory progress contrasts with banking friction

The campaign emerges as UK authorities take limited steps toward broader acceptance of digital assets. Last week, the House of Lords Financial Services Regulations Committee warns that Britain risks falling behind the U.S. and the European Union on stablecoin regulation.

The Financial Conduct Authority also recently proposes allowing investment funds to allocate up to 10% of their assets to crypto exchange-traded notes. Earlier this year, UK retail investors regain tax-advantaged access to crypto exchange-traded notes through the Innovative Finance ISA framework.

Even with those changes, industry participants say access to supportive banking services remains a major obstacle to adoption. Katie Harries, Coinbase's head of policy for Europe, says in a statement that while the government has set out a vision for the UK to become a global hub for digital assets and Web3, banks are choking off the key on-ramp from fiat money into crypto.

In our earlier article on Coinbase (COIN), we reviewed the stock’s short-term rebound against a still-bearish technical backdrop, with resistance levels suggesting downside risks remained elevated. We also noted a full insider exit by Coinbase’s Chief Accounting Officer alongside operational expansions such as a regulated crypto-collateral mortgage initiative and a new role supporting Hyperliquid’s USDC treasury, developments that could broaden the exchange’s ecosystem footprint.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.