UK crypto advocates campaign against bank restrictions

UK crypto advocates campaign against banks blocking 40% of crypto transactions, arguing blanket bans harm choice and innovation. They urge risk-based policies and call on supporters to file complaints.

UK crypto advocacy groups, led by Stand With Crypto UK and backed by the UK Cryptoasset Business Council, have launched a campaign against major banks' blanket restrictions on transfers to cryptocurrency exchanges. They argue these policies block or delay around 40% of attempted crypto transactions, even to exchanges registered with the Financial Conduct Authority, resulting in nearly £1 billion in cancelled transactions over the past year. The advocates claim such measures undermine consumer choice, stifle innovation, and contradict the UK's ambitions to become a global digital asset hub. They urge banks to adopt a risk-based approach, treating customers as individuals rather than imposing sector-wide bans. The campaign calls on their 286,000 supporters to file formal complaints, emphasizing that broad payment blocks penalize compliant users and regulated platforms. They demand fair and proportionate access to crypto markets.