More than 10,000 complaints about bank restrictions on cryptocurrency transactions were submitted across the UK during a 90-day period, according to the advocacy group Stand With Crypto, putting the country’s ambition to become a global crypto hub at odds with the attitude of its own high-street banks.
Canary Wharf, London (Credits: Pixabay)
UK Banks Face 10,000 Complaints Over Crypto Restrictions
The complaints were submitted by consumers over 90 days between May and August, and they centre on blanket bans, rigid limits and unclear policies on crypto purchases, Stand With Crypto said. Lloyds Banking Group received the most complaints, followed by Barclays and NatWest, though the group notes the voluntary data was not adjusted for each bank’s market share and does not represent all customers.
The tension is not new. The UK first announced its support for the crypto industry back in 2023, when Rishi Sunak, later prime minister, was still chancellor of the exchequer, and that stance was reiterated by the economic secretary to the Treasury, Lucy Rigby, less than a year ago under the Labour administration. Yet for many consumers, the practical experience of buying crypto through a UK bank account has remained one of blocks and limits.
Stand With Crypto argues that banks’ approach could impede access to regulated exchanges and undermine Britain’s ambition to become a global cryptocurrency hub. Katie Harries, Coinbase’s head of European policy, put it bluntly in an email interview, saying a country cannot credibly invite innovators in while allowing banks to lock consumers out, and warning that the restrictions will dampen the growth of the UK’s digital asset sector, with ramifications for associated investment.
What the Crypto Complaints Mean for the UK’s Hub Ambition
The figures arrive at an awkward moment for the UK’s crypto pitch. Policymakers want the country to be seen as a welcoming home for digital-asset businesses, but the complaint numbers suggest that, for ordinary customers, the front door is still partly closed. The data’s limits matter too: because it is voluntary and unadjusted for market share, it cannot by itself rank banks fairly, but the sheer volume over just three months shows how widespread the friction has become.
Whether banks soften their restrictions or regulators push for clearer rules will shape how credible the UK’s hub ambition looks in practice. For now, the message from the complaints is clear: customers who want to use regulated exchanges are running into barriers at the bank, and the advocacy groups are counting.
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Source: CoinDesk — read the full story there.
