UK banks received approximately 10,000 complaints over a three-month period regarding restrictions on cryptocurrency transactions, according to the Securities and Wealth Management Association (SWC). The complaints highlight significant inconsistencies in how financial institutions handle crypto-related transfers.
Restrictions vary widely among major lenders. Barclays limits crypto transfers to £2,500 ($3,340) per transaction and £10,000 over 30 days, while NatWest and Santander also enforce explicit transaction and monthly caps. Conversely, Chase, Starling, TSB, Metro Bank, and Virgin Money prohibit crypto transactions entirely. Banks with published limits accounted for 61% of the complaints, compared to 28% involving institutions without published restrictions and under 10% involving those with outright bans.
The SWC argues that blanket restrictions conflict with regulatory expectations for proportionate, case-by-case risk management and fail to provide customers with clear information. The association urges banks to publish transparent explanations of their policies and establish meaningful channels for customers to challenge blocked transfers, noting that current opacity makes it difficult for users to switch institutions reliably.
UK Banks Face 10,000 Crypto Restriction Complaints Amid Inconsistent Policies
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