Stand With Crypto UK initiates a campaign urging members to challenge banks blocking crypto transactions, highlighting widespread restrictions.
Stand With Crypto UK, supported by Coinbase, has launched a campaign urging its 286,000 members to file complaints against British banks for their prohibitions on cryptocurrency transactions.
Campaign Targets Bank Restrictions on Crypto Transfers
The group highlights that around 40% of domestic crypto transactions are blocked or delayed by banks, which also impose strict limits on transfers to exchanges, including those approved by the Financial Conduct Authority (FCA). This initiative comes as research reveals that approximately 8% of U.K. adults own cryptocurrencies.
According to Stand With Crypto, banks like Chase UK, Starling, and TSB are enforcing complete bans on crypto transactions, while others, such as Barclays and HSBC, set hard limits on transfer amounts. The group argues these actions not only violate payment regulations but also hinder the U.K.'s goal to be a leading hub for digital assets.
The campaign is informed by the U.K. Cryptoassets Business Council’s recent report, which indicated a growing number of blocked transfers, with one exchange reporting the denial of transactions worth over £1 million in a single year. Stand With Crypto UK claims these banking practices impact all consumers, regardless of their individual risk profiles.
Adriana Ennab, director at Stand With Crypto UK, emphasized that these restrictions prevent individuals from accessing a legitimate asset class. She urged members to notify their banks that such policies are unacceptable, reinforcing the government’s stance that licensed firms should not face unfair restrictions.
As the U.K. government strives to foster a favorable environment for digital innovation, advocates argue that consumer access to cryptocurrency should not be obstructed by banks seeking to develop their own crypto services.
