The UK-based advocacy group Stand With Crypto has launched a campaign urging banks to remove restrictions on transfers to cryptocurrency exchanges. The group highlighted a report indicating that around 40% of UK bank crypto transactions are blocked or delayed, with 80% of exchanges experiencing increased customer friction. One exchange reported nearly $1.3 billion in canceled transactions due to bank refusals over the past year.
Stand With Crypto UK has rallied over 286,000 advocates to pressure banks, arguing that compliant exchanges, including those registered with the FCA, face unjust blanket restrictions. The group's director emphasized the need for banks to treat consumers as individuals rather than applying a uniform policy. Katie Harries from Coinbase noted that while the UK government aims to position the country as a digital asset hub, current banking practices are hindering the transition from fiat to cryptocurrency.
UK Crypto Group Urges Banks to Lift Restrictions on Crypto Transactions
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