UK crypto advocates push banks to lift transfer bans

A major crypto advocacy group in the United Kingdom launched a public campaign on Wednesday, June 10, urging British banks to lift what it describes as blanket restrictions on customer transfers to cryptocurrency exchanges. The group, Stand With Crypto UK, is mobilizing its more than 286,000 registered advocates to file formal complaints with their financial institutions, arguing that the policies hinder access to a legally recognized asset class and contradict the government’s ambition to become a global digital asset hub.

The campaign is based on findings from a report by the UK Cryptoassets Business Council, titled "Locked Out," which was released earlier this year. The report indicates that approximately 40% of attempted transfers from UK bank accounts to crypto exchanges are either blocked or delayed. Furthermore, 80% of surveyed exchanges reported a noticeable increase in customer friction over the past year. One exchange reported nearly £1 billion in cancelled transactions over a 12-month period due to bank rejections.

Stand With Crypto UK contends that these restrictions often apply even to transfers involving exchanges registered with the country’s Financial Conduct...