Banks Block Crypto Moves, Fans Demand Change

A coalition linked to the crypto exchange Coinbase has mobilised its 286,000 members in Britain to file formal complaints against local banks that are restricting or halting payments to crypto platforms. The movement, called Stand With Crypto UK, argues that blanket rules prevent people from buying or selling digital assets—even as many banks quietly develop crypto services behind the scenes.

Key Findings

• January Report: Examined 10 major exchanges; 40 % of domestic crypto transactions were blocked or delayed by banks.
• Year‑over‑Year Trend: 80 % of exchanges reported increased blocks. One exchange cited a single bank rejecting over £1 million in crypto payments.
• Bank Classification:
• Complete bans: Chase UK, Starling, TSB, Virgin Money, Metro Bank.
• Strict transfer limits: Barclays, HSBC, Nationwide, NatWest, Santander, Monzo.

Arguments

• Unfair to Consumers: Restrictions impose no higher risk than traditional banking customers.
• Contradiction with Regulations: UK Payment Services Regulations mandate banks to process payments that meet account conditions; licensed firms should not face transaction limits.
• Policy Clash: Current restrictions undermine the UK’s goal to become a global Web3 hub.

Call to Action

Stand With Crypto UK is urging its members to formally notify banks that these policies are unacceptable and demand the removal of interference, allowing legal crypto transactions to proceed unimpeded.