Stand With Crypto: Over 10,000 complaints about cryptocurrency bank transfer restrictions received in the UK within 90 days

According to a report by the cryptocurrency advocacy organization Stand With Crypto (SWC), from May to August this year, UK consumers submitted 10,092 complaints regarding bank restrictions on cryptocurrency purchases through its online tool, involving 9,800 users and covering all 650 parliamentary constituencies in the UK. Among them, Lloyds Banking Group (including Halifax and Bank of Scotland) received 2,297 complaints, accounting for about 23% of the total; Barclays Bank and NatWest Group received 1,569 and 1,278 complaints, respectively.

The report points out that although the UK government is committed to establishing a comprehensive regulatory framework for crypto assets to attract related businesses, bank transfer restrictions may still hinder consumers from using compliant trading platforms. SWC cites research from the UK Crypto Asset Business Council stating that in the past 12 months, about 40% of transfers initiated to cryptocurrency exchanges registered with the Financial Conduct Authority (FCA) in the UK were intercepted or delayed.