UK banks have blocked or delayed 40% of cryptocurrency transfer transactions

According to Finance Feeds, a new survey released by the UK Crypto Asset Business Council shows that UK banks are widely blocking, delaying, or refusing customer transfers to cryptocurrency exchanges, even when these exchanges are regulated platforms by the UK's Financial Conduct Authority.

The survey estimates that about 40% of such transfer attempts are intercepted or delayed by banks. The survey of the top ten centralized exchanges in the UK found that 80% of exchanges reported an increase in customers experiencing blocked or restricted transfers in the past 12 months, with none reporting any alleviation of the situation.

The report noted that over the past year, 80% of the surveyed exchanges indicated an increase in the number of customers facing bank restrictions, with none reporting any improvement. The restrictions include major commercial banks imposing strict limits on transfers to exchanges and credit card payments or outright blocking them.