A British cryptocurrency advocacy group, Stand with Crypto UK, has launched a campaign to confront what it calls blanket restrictions imposed by UK banks on customer transfers to regulated digital asset exchanges. The campaign, reported by Cointelegraph and crypto.news, drew on data from a UK Cryptoasset Business Council (UKCBC) report revealing that approximately 40% of crypto-related transactions in the country are either blocked or limited by banks.
The organization, which counts 286,000 members, argues that these measures go beyond legitimate risk management and effectively bar consumers from using platforms registered with the Financial Conduct Authority (FCA). The UKCBC report found that one exchange experienced nearly £1 billion in declined transactions over a single year due to bank rejections, while 80% of surveyed crypto platforms reported an increase in blocked or restricted transfers.
Banks commonly cite fraud prevention and anti-money laundering compliance, but critics say the approach is indiscriminate and penalizes compliant services. Through a dedicated online tool, Stand with Crypto UK enables users to generate and send complaint letters to their banks, with the responses set to shape the next phase of the campaign. The group’s social media call to action emphasized: “Blanket restrictions on transfers to crypto exchanges raise important questions about consumer choice, competition and innovation. It’s time to complain to the Banks. Your money. Your choice.”
The clash comes as UK regulators advance several digital asset initiatives. A House of Lords committee recently warned that proposed Bank of England stablecoin requirements might hinder commercial scalability, while the FCA proposed allowing certain retail investment funds to allocate up to 10% of portfolios to crypto exchange-traded products. Stand with Crypto UK contends that without reliable banking access, such regulatory progress remains undermined for everyday users.
