A report released on Tuesday by the crypto advocacy group Stand With Crypto stated that 10,092 complaints were filed by UK bank customers who were blocked or restricted from transferring funds to cryptocurrency exchanges within a 90-day period.
These complaints were submitted by 9,803 individuals between May and August 2026 via an online tool operated by the organization, concerning transfers to platforms registered with the UK Financial Conduct Authority (FCA). The organization stated in a tweet that these complaints originated from each of the 650 parliamentary constituencies in the UK.
The report found that Lloyds Banking Group, which includes Halifax and Bank of Scotland, received the highest number of complaints at 2,297, accounting for more than 22% of the total, despite the bank not having a public policy restricting cryptocurrency transfers. Barclays received 1,569 complaints, and NatWest Group, which includes Royal Bank of Scotland, received 1,278. The report also indicated that HSBC UK received over 1,000 complaints, though an exact figure was not provided. Virgin Money and Co-operative Bank received the fewest complaints, at 103 and 76 respectively. Decrypt has reached out to Lloyds Banking Group, NatWest Group, and HSBC UK for comment.
According to the report, six banks have imposed restrictions on cryptocurrency transfers. Barclays has set a limit of £2,500 per transaction and a monthly cap of £10,000 over 30 days; NatWest’s limit is £1,000 per day and £5,000 over 30 days; Santander UK’s limit is £1,000 per transaction and £3,000 over 30 days. Starling, TSB, Chase UK, Metro Bank, Virgin Money, and Co-operative Bank have completely blocked cryptocurrency transfers.
A Barclays spokesperson told Decrypt: "Protecting customer funds is our top priority. Like many other banks, we have placed restrictions on payments to cryptocurrency exchanges to help customers guard against crypto-related scams and losses."
Banks that impose restrictions on transfers received 6,198 complaints; banks without publicly stated policies—Lloyds and Revolut—received 2,842. Banks with outright bans received 989 complaints, with the report suggesting this may be because their customers know not to attempt such transactions.
The report states: "Customers cannot reliably predict whether they will be able to transfer funds to a crypto asset platform based on banks' published policies."
Regarding the UK's cryptocurrency regulatory framework
The report cites a 2025 survey by the FCA and YouGov, in which 13% of UK crypto users reported encountering issues when withdrawing cryptocurrency to their bank accounts, the most common negative experience. The report’s findings align with a survey conducted in January by the UK Cryptoasset Business Council, which estimated that banks blocked or delayed approximately 40% of transfers to the UK’s top ten exchanges, with one exchange experiencing nearly £1 billion in rejected transactions over a single year.
Some restrictions have been in place for years. TSB has prohibited cryptocurrency purchases since 2021, and Barclays has blocked cryptocurrency purchases using its credit cards since June 2025. Nigel Farage, leader of the Reform UK party, has pledged that if he becomes prime minister, he will ban banks from refusing services to customers simply because they engage in cryptocurrency.
Lawmakers have also become involved, though their primary focus has been on crypto businesses rather than individual customers. In July, the All-Party Parliamentary Group on Cryptoassets and Digital Assets launched an investigation into crypto companies’ access to bank accounts and services, including bank-imposed transfer limits and payment blocks. In August, co-chairs of the group, Labour MP Gurinder Singh Josan and Lord Vaizey, wrote to the CEOs of all major UK banks, asking how they treat crypto companies and what restrictions they impose on crypto-related transactions. They warned that access to banking services “could be one of the single biggest obstacles to the growth of crypto businesses in the UK.”
Stand With Crypto urges banks to replace blanket restrictions with a risk-based, case-by-case review approach, publish clear and understandable policies outlining when cryptocurrency transfers may be blocked, and provide customers with avenues to appeal or opt out of controls targeting transfers to FCA-registered entities.
The organization also urged the FCA and the UK Treasury to publicly state that imposing industry-wide blocks and hard caps on registered or authorized crypto companies is likely unreasonable under anti-fraud or financial crime regulations. The report noted that the FCA’s crypto regulatory framework will take effect next year, and authorized companies “should have reason to believe” they will not face comprehensive barriers from other regulatory bodies.