Over 10,000 complaints have been filed against the UK banks' restrictions on cryptocurrency transfers, with Lloyds and Barclays being specifically named
The crypto advocacy organization Stand With Crypto stated that during the 90 days from May to August 2026, a total of 9,803 individuals submitted 10,092 complaints to UK banks through the organization's online tools, reflecting the restrictions encountered when transferring to crypto platforms. The highest number of complaints came from Lloyds Banking Group, one of the largest banking groups in the UK, with 2,297 complaints, followed by Barclays with 1,569 and NatWest Group with 1,278. These complaints have raised concerns about the accessibility of crypto services in the UK before the launch of a new regulatory framework for digital assets in 2027.
The report shows that different UK banks have varying practices regarding restrictions on crypto transfers. Barclays and HSBC UK are listed as limiting crypto transfers to £2,500 (approximately $3,300) per transaction and £10,000 (approximately $13,300) every 30 days. Six banks, including Starling Bank, TSB, and Chase UK, are listed as completely prohibiting crypto-related transfers. Meanwhile, Lloyds Banking Group and Revolut are classified as having not disclosed their restrictions on crypto transfers, despite also receiving customer complaints. Revolut's official support page states that transfers to "some cryptocurrency exchanges" are not supported, and a spokesperson for Stand With Crypto indicated that this seems to be a technical issue rather than an established policy.
Nick Jones, founder and CEO of Zumo, told Cointelegraph that banking restrictions are a common issue faced by UK crypto founders, which could undermine the country's ambition to become a global crypto hub. He stated that the issue of restricted access to banking services needs urgent resolution so that UK crypto businesses can grow and expand in a fair environment. Jones also warned that the upcoming crypto regulatory framework in the UK may not address this issue. While businesses are preparing for mandatory approval from the Financial Conduct Authority (FCA) by October 2027, obtaining business bank accounts is not included in that framework. He added that without coordinated action, businesses may obtain full authorization but still be unable to open UK business bank accounts.