Stand With Crypto UK Mobilizes Against Bank Restrictions on Crypto Transactions
- Stand With Crypto UK, backed by Coinbase, has urged its 286,000 members to file complaints against UK banks for restricting crypto transactions.
- Around 8% of UK adults hold cryptoassets, according to the Financial Conduct Authority (FCA).
- The FCA reported that banks block or delay 40% of domestic crypto transactions.
- Major banks like Chase UK and TSB impose complete blocks on transfers to crypto exchanges.
- In the past year, 80% of surveyed exchanges noted an increase in blocked transfers.
The campaign highlights concerns over banking policies that hinder access to a legal asset class, as many banks are simultaneously exploring digital asset services. This contradiction raises questions about fair treatment under local regulations aimed at fostering a thriving digital economy.
With reports indicating that banks block up to £1 million in transactions annually for some platforms, advocates argue these restrictions are anti-competitive and detrimental to retail participation in the crypto market.
