UK Advocates Say Banks Restrict Legal Crypto Access

TLDR

• Stand With Crypto UK launched a campaign against bank transfer restrictions to crypto exchanges.
• The group urged its 286,000 UK advocates to file complaints with their banks.
• It cited a report showing 40% of attempted transfers face delays or blocks.
• The report said 80% of exchanges reported increased customer friction over the past year.
• One exchange recorded nearly £1 billion ($1.3 billion) in cancelled transactions due to bank rejections.

A UK crypto advocacy group has launched a public campaign against bank limits on exchange transfers. Stand With Crypto UK urged supporters to challenge what it calls blanket restrictions. The group said banks are blocking legal access to regulated crypto platforms and slowing adoption.

UK Campaign Targets Bank Transfer Blocks

Stand With Crypto UK asked its 286,000 registered advocates to file formal complaints with their banks. The group said banks restrict transfers to exchanges registered with the Financial Conduct Authority. It argued that these policies prevent customers from accessing a legal asset class.

The campaign cited the UK Cryptoassets Business Council’s “Locked Out” report released earlier this year. The report found that 40% of attempted transfers are delayed or outright blocked. It also stated that 80% of exchanges reported rising customer friction during the past year.

One exchange reported nearly £1 billion ($1.3 billion) in cancelled transactions over one year. The report attributed those cancellations to bank rejections. Stand With Crypto UK said such restrictions undermine the government’s digital asset goals.

Adriana Ennab, director of Stand With Crypto UK, criticised the current banking approach. She said, “People across the UK are being blocked from accessing a legal asset class.” She added that banks impose one-size-fits-all policies instead of assessing customers individually.

Katie Harries, Coinbase’s head of policy for Europe, also addressed the issue.

Harries linked the restrictions to barriers that limit access to digital assets.

Regulators Outline Gradual Integration Steps

The campaign unfolded as UK authorities advanced measured steps toward crypto integration. The House of Lords Financial Services Regulations Committee recently issued a warning. It said the UK risks falling behind the United States and the European Union on stablecoin regulation.

At the same time, the Financial Conduct Authority proposed new rules for investment funds. The FCA suggested allowing funds to allocate up to 10% of assets to crypto exchange-traded notes. Regulators framed the proposal as part of a broader review of market access.

Earlier this year, retail investors regained tax-advantaged exposure to crypto exchange-traded notes. The government allowed access through the Innovative Finance ISA framework. This move reopened a channel for regulated crypto investment products.

Despite these measures, access to banking services remains disputed. Crypto advocates said restrictions limit entry from fiat into digital assets. Stand With Crypto UK said its complaint drive aims to address those barriers.

The group stated that it seeks direct engagement with financial institutions. It encouraged supporters to request clear explanations for blocked transfers. The campaign continues as regulators review crypto policy and market access rules.

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