Overview
- Stand With Crypto UK on Wednesday mobilised its roughly 286,000 supporters to file formal complaints with high‑street banks after publishing tools and templates to challenge transfer restrictions.
- Industry data from the UK Cryptoassets Business Council’s Locked Out report shows about 40% of attempted domestic transfers to crypto exchanges are blocked or delayed and 80% of surveyed exchanges reported rising friction over the past year.
- Banks take different approaches: some providers such as Chase UK, Starling, TSB, Virgin Money and Metro Bank reportedly impose blanket blocks while others including Barclays, HSBC, Nationwide, NatWest, Santander and Monzo apply strict transfer caps.
- Exchanges and advocates say the restrictions have tangible effects for customers and platforms, with at least one exchange reporting very large volumes of cancelled or rejected transfers during the past year and users unable to move money into regulated trading venues.
- HM Treasury and regulators have publicly said FCA‑authorised crypto firms should not face discriminatory limits, but industry groups warn that continued banking frictions could undermine the government’s plan to grow regulated crypto markets.