ChainCatcher report: According to the cryptocurrency advocacy group Stand With Crypto (SWC), between May and August this year, UK consumers submitted 10,092 complaints via their online tool regarding banks restricting cryptocurrency purchases, affecting 9,800 users across all 650 parliamentary constituencies in the UK. The Lloyds Banking Group (including Halifax and Bank of Scotland) received 2,297 complaints, accounting for approximately 23% of the total; Barclays and NatWest Group received 1,569 and 1,278 complaints, respectively. The report notes that although the UK government is committed to establishing a comprehensive regulatory framework for crypto assets to attract related businesses, bank transfer restrictions may still hinder consumers’ access to compliant trading platforms. SWC cites research from the UK Crypto Assets Business Committee, stating that over the past 12 months, approximately 40% of transfers to cryptocurrency exchanges registered with the UK Financial Conduct Authority (FCA) were blocked or delayed.
The UK has received over 10,000 complaints regarding bank restrictions on crypto transfers within 90 days.
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Summary
UK consumers filed 10,092 complaints over 90 days regarding CFT-related restrictions on crypto transfers, according to Stand With Crypto. The complaints came from 9,800 users across 650 constituencies, with Lloyd’s Banking Group accounting for 23% of all grievances. Barclays and NatWest followed with 1,569 and 1,278 cases, respectively. The report warned that these barriers could harm liquidity and crypto markets. Despite regulatory efforts, 40% of transfers to FCA-registered exchanges were intercepted or delayed over the past 12 months.
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