Stand With Crypto UK urges 286,000 supporters to challenge bank policies that block transfers to regulated exchanges, citing £1 billion in cancelled transactions.
A UK crypto advocacy group launched a public campaign Thursday against what it called blanket bank restrictions on transfers to regulated exchanges. Stand With Crypto UK urged its 286,000 registered advocates to file formal complaints with their banks.
The group cited a report from the UK Cryptoassets Business Council showing that 40% of attempted transfers are delayed or outright blocked. One exchange reported nearly £1 billion ($1.3 billion) in cancelled transactions over a year, attributed to bank rejections.
Adriana Ennab, director of Stand With Crypto UK, said banks are blocking access to a legal asset class. “People across the UK are being blocked from accessing a legal asset class,” she said. “Banks impose one-size-fits-all policies instead of assessing customers individually.”
Katie Harries, Coinbase’s head of policy for Europe, said the banks “are choking off the crucial on-ramp from fiat money into crypto.” Harries linked the restrictions to barriers that limit access to digital assets.
The campaign unfolded at the same time UK regulators took measured steps toward crypto integration. The Financial Conduct Authority proposed allowing investment funds to allocate up to 10% of assets to crypto exchange-traded notes. Earlier this year, retail investors regained tax-advantaged exposure to crypto ETNs through the Innovative Finance ISA framework. The House of Lords Financial Services Regulations Committee recently warned the UK risks falling behind the United States and the European Union on stablecoin regulation.
Crypto advocates said the banking restrictions undermine these moves by limiting the fiat-to-crypto on-ramp. Stand With Crypto UK said its complaint drive seeks direct engagement with financial institutions and clear explanations for blocked transfers. The broader adoption hurdles have been a recurring theme in recent crypto market analysis.
The report found that 80% of exchanges reported rising customer friction over the past year.
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