UK Crypto Advocates Launch Campaign Against Bank Transfer Restrictions, Citing 40% Transaction Block Rate

According to The Block, Stand With Crypto UK launched a campaign on Wednesday (June 4), urging banks to lift restrictions on transfers to crypto exchanges. The advocacy group, representing over 286,000 registered UK advocates, encouraged members to file complaints about what it termed "blanket restrictions" on transfers to crypto exchanges, including those regulated by the UK's Financial Conduct Authority (FCA).

Citing findings from the UK Cryptoassets Business Council's "Locked Out" report released earlier this year, the group highlighted that approximately 40% of attempted transactions from UK banks to crypto exchanges are either blocked or delayed, while 80% of exchanges report increased customer friction. One exchange reported nearly £1 billion ($1.3 billion) in cancelled transactions over the past year due to bank rejections.