ME News reports that on June 11 (UTC+8), Stand With Crypto UK launched an initiative calling on banks to lift restrictions on transfers to cryptocurrency exchanges, arguing that such practices conflict with the UK’s goal of becoming a global hub for digital assets. The organization states that approximately 40% of bank transactions to cryptocurrency exchanges in the UK are blocked or delayed, and 80% of exchanges report a significant increase in customer transaction obstacles over the past year. Some exchanges have seen nearly £1 billion in transactions canceled within a year due to banks refusing to process transfers. Stand With Crypto UK plans to mobilize over 286,000 registered crypto advocates in the UK to file formal complaints with their respective banks. The organization asserts that users should not be denied access to a legitimate asset class due to banks’ blanket restrictions on the entire industry. (Source: ODAILY)
UK Crypto Advocacy Group Opposes Bank Restrictions on Exchange Transfers
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Summary
Stand With Crypto UK is urging banks to remove limits on transfers to crypto exchanges, citing a conflict with the UK’s digital asset objectives. On-chain data shows 40% of bank-to-exchange transfers are blocked or delayed, with 80% of exchanges reporting increased resistance. Crypto exchange reports reveal nearly £1 billion in canceled transactions due to bank rejections. The group plans to mobilize 286,000 advocates to file complaints, arguing that users should not be denied access to a legal asset class.
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