British banks received 10,000 complaints within 90 days for blocking crypto transfers: Report
Decrypt
55m ago
Ai Focus
The crypto advocacy group Stand With Crypto stated that within 90 days, there were 10,092 complaints from British bank customers regarding the blocking or restriction of transfers to crypto exchanges. The report indicated that Lloyds Banking Group received the most complaints, followed by Barclays and NatWest Group. The organization called on the Financial Conduct Authority (FCA) and the Treasury Department of the UK to clarify that a complete ban across the industry is not warranted.
Helpful
No.Help

In a report released on Tuesday, the crypto advocacy group Stand With Crypto stated that British bank customers filed 10,092 complaints regarding being blocked or restricted from transferring funds to crypto exchanges within 90 days.

These complaints were submitted by 9,803 people between May and August 2026 through an online tool operated by the organization, involving transfers to platforms that are already registered with the Financial Conduct Authority (FCA) in the UK. The organization stated in a tweet that these complaints came from every one of the 650 parliamentary constituencies in the UK.

The report states that Lloyds Banking Group (including Halifax, Bank, of, and Scotland) received the most complaints, with 2,297, accounting for over 22% of the total, despite the bank not having any public policy restricting cryptocurrency transfers. Barclays (Barclays) received 1,569 complaints, and National Westminster Group (NatWest Group, including Royal Bank, of, and Scotland) received 1,278 complaints. The report also indicates that HSBC UK (HSBC UK) received more than 1,000 complaints, but no exact figure was provided. Virgin Money, Co-operative, and Bank received the fewest complaints, with 103, 76, and 76 respectively. Decrypt has contacted Lloyds Banking Group, National Westminster Group, and HSBC UK for comments.

According to the report, six banks have announced restrictions on encrypted transfers. Barclays has set a limit of £2,500 per transfer, with a cumulative limit of no more than £10,000 over 30 days; NatWest has a limit of £1,000 per day and £5,000 over 30 days; Santander UK (Santander UK) has a limit of £1,000 per transfer and £3,000 over 30 days. Starling, TSB, Chase UK, Metro Bank, Virgin Money, and Co-operative Bank completely prohibit encrypted transfers.

A Barclays spokesperson said about Decrypt: "Protecting customer funds is our top priority. Like many other banks, we have imposed restrictions on payments to cryptocurrency exchanges to help customers prevent crypto-related fraud and losses."

Banks with restrictions on transfers received a total of 6,198 complaints; whereas banks without such public policies – Lloyd's Bank and Revolut – received 2,842 complaints. Banks with a complete ban received 989 complaints. The report suggests that this may be because the customers of these banks knew they did not need to try to make transfers anyway.

The report states: "Customers are unable to reliably predict whether they will be able to transfer their funds to crypto asset platforms based on the publicly disclosed policies of the banks."

Regarding the UK's crypto regulatory system

The report cited a survey conducted by FCA and YouGov in 2025, which found that 13% of British cryptocurrency users encountered issues when attempting to withdraw their cryptocurrencies to bank accounts, representing the most common negative experience. The findings of this report also echoed a survey conducted by the UK Crypto Assets Business Council (UK Cryptoasset Business Council) in January. That survey estimated that banks blocked or delayed approximately 40% of transactions flowing to the top 10 exchanges in the UK, with one exchange experiencing nearly 1 billion pounds in rejected transactions within a year.

Some restrictions have been in place for many years. TSB has prohibited the purchase of cryptocurrencies since 2021, while Barclays has stopped allowing credit card purchases of cryptocurrencies since June 2025. Nigel Farage, the leader of the Reform UK Party ( Nigel Farage ), has promised that if he becomes Prime Minister, he will ban banks from refusing services to customers who are involved in cryptocurrencies.

Members of parliament have also gotten involved in this matter, but their focus is mainly on crypto companies rather than individual customers. The UK Parliament's "Cross-Party Parliamentary Group on Crypto and Digital Assets" launched an investigation in July, which covered the situation of crypto companies obtaining bank accounts and services, as well as transfer limits and payment blocks imposed by banks. In August, the co-chairs of the group, Labour MPs Gurinder Singh Josan and Lord Didcot Vaizey, wrote to the CEOs of all major British banks, asking how they treated crypto companies and what restrictions they imposed on crypto-related transactions. They warned that accessing bank services "could be one of the biggest obstacles facing the growth of UK crypto companies."

Stand With Crypto calls on banks to replace blanket restrictions with a risk-based, case-by-case review approach, to publish policies that are easy to understand, to clarify under what circumstances encrypted transfers may be blocked, and to provide customers with avenues to appeal or opt out of the transfer controls for institutions registered under FCA.

The organization also urges FCA and the UK Treasury to make a public statement: imposing industry-wide blockades and rigid caps on registered or authorized crypto companies is likely to be unreasonable from the perspective of anti-fraud or financial crime regulations. The report states that FCA's crypto regulatory system will come into effect next year, and the authorized companies "should have reason to believe" that they will not encounter comprehensive obstacles with other regulatory authorities.

Tip
$0
Like
0
Save
0
Views 10
HKWDB reminds readers to view blockchain rationally, stay aware of risks, and beware of virtual token issuance and speculation. All content on this site represents market information or related viewpoints only and does not constitute any form of investment advice. If you find sensitive content, please click“Report”,and we will handle it promptly。
Submit
Comment 0
Hot
Latest
No comments yet. Be the first!
Related
TrendAI Introduces the open-source model of NVIDIA Nemotron into the AI security platform in sovereign clouds and private clouds
TrendAI announces the integration of the NVIDIA Nemotron open-source model into TrendAI Vision One, for, Sovereign, and, and Private Cloud. This enables threat detection, policy response, and guided security operations driven by AI to run in customer-controlled sovereign clouds, private clouds, and local environments, without allowing security data to leave the customer's boundaries.
PR Newswire
·2026-10-21 19:52:39
1
Soluna and Applied Digital Reach Strategic Cooperation, Planning to Develop Wind Power for AI Data Centers in Texas
Soluna Holdings indicates that a final agreement has been signed with Applied Digital to jointly establish a project company for the development of a planned 50-megawatt AI and high-performance computing data center in Brewster County, Texas. Upon completion of the transaction, Applied is expected to hold 51% of the equity in the project company, while Soluna will hold 49%; however, the transaction closure still depends on conditions such as tax exemption approval, company approval, leasing agreements, and power supply agreements.
PR Newswire
·2026-10-21 19:52:30
3
Trimble to Hold Third Quarter Financial Report Conference and Webcast
Trimble indicates that a teleconference will be held on November 4, 2026, at 8 a.m. Eastern Time in the United States, to review the company's performance for the third quarter of 2026. The conference will be broadcast live online, and analysts can register in advance before joining the call.
PR Newswire
·2026-10-21 19:42:11
7
NVIDIA Announces a Vera Rubin Rack System That Can Be Fit into Containers and Transported by Truck
NVIDIA announced a new product on Wednesday that allows 7 Vera Rubin AI racks to be fitted into one shipping container, as its latest move to extend its product line upwards and provide complete artificial intelligence computing systems. The company stated that this DSX Pod AI Factory is approximately the size of a standard container, weighs about 28,000 kilograms, and is expected to begin delivery in early 2027.
CNBC
·2026-10-21 19:42:05
8
DigitalXForce Announces the Launch of an Enterprise-Level TRiSCM Platform, Receives Investment from Arsenal Equity Group and Reports 514% Growth
DigitalXForce announces the launch of an enterprise-level TRiSCM platform for AI and the quantum era, stating that it has received strategic investment from Arsenal Equity Group. The company claims to have been rated as a leader in the field of third-party risk management software by IDC MarketScape, and has also been positioned as a leader in previous GRC software evaluations. Additionally, in 2026, it was recognized as the second-fastest-growing technology company in North Texas, with a three-year growth of 514%.
PR Newswire
·2026-10-21 19:34:41
8
View More