UK crypto advocates launch campaign to lift bank transfer bans

UK advocacy group Stand With Crypto UK has launched a campaign urging customers to complain to their banks about blanket blocks on transfers to cryptocurrency exchanges, after a report found roughly 40% of such transactions are being blocked or delayed [1].

Key takeaways

• The UK Cryptoasset Business Council’s “Locked Out” report says about 40% of attempted bank‑to‑exchange transfers are blocked [1].
• One exchange reported nearly £1 billion in cancelled transactions over a year due to bank rejections [1].
• 80% of surveyed exchanges said customer friction rose over the past year [1].
• Stand With Crypto UK is mobilising its 286,000 UK supporters to file complaints with banks [2].
• The campaign coincides with UK regulatory steps to integrate digital assets, such as new stablecoin rules and expanded ISA access [1].

Campaign launch and industry findings

Stand With Crypto UK, an advocacy arm of Coinbase, announced the “Stand With Crypto UK” campaign in May, calling on its members to challenge banks that impose blanket restrictions on transfers to regulated crypto platforms [2]. The group argues that these policies treat all customers as a single risk class, ignoring individual risk profiles, and that many of the blocked transfers involve exchanges that are registered with the Financial Conduct Authority [2].

The campaign is built on the UK Cryptoasset Business Council’s “Locked Out” report, which found that around 40% of attempted transactions from UK banks to crypto exchanges are blocked or delayed [1]. The report also highlighted that 80% of exchanges experienced increased customer friction over the past year, and one exchange alone saw nearly £1 billion in cancelled transactions in a 12‑month period because of bank rejections [1].

Regulatory context and future outlook

The banking restrictions come as the UK government pursues a broader strategy to position the country as a global digital‑asset hub. Recent regulatory moves include advancing stablecoin and crypto‑asset rules, and the Financial Conduct Authority’s proposal to allow investment funds to allocate up to 10% of assets to crypto exchange‑traded notes [1]. Retail investors also regained tax‑advantaged access to crypto exchange‑traded notes through the Innovative Finance ISA framework earlier this year [1].

Despite these steps, industry leaders warn that limited banking access could undermine the UK’s ambition to become a leading digital‑asset centre. Coinbase Europe policy head Katie Harries noted that while the government’s vision is clear, banks are “choking off the on‑ramp from fiat money into crypto” [1].

Why it matters

The campaign highlights a growing tension between the UK’s regulatory push for digital‑asset innovation and the cautious stance of traditional banks. If banks continue to block or delay a significant share of crypto transactions, the UK may struggle to attract crypto businesses and investors, potentially ceding ground to jurisdictions with more permissive banking practices. The outcome of the campaign could influence future regulatory guidance on banking relationships with crypto firms and shape the practical accessibility of crypto assets for UK consumers.