UK Crypto Users Urged to Challenge Bank Restrictions, Says Stand With Crypto UK

Coinbase-backed advocacy group Stand With Crypto UK (SWC UK) has launched a nationwide campaign urging its 286,000 members to file formal complaints against British retail banks over restrictions on cryptocurrency transactions.

The initiative targets banking policies that either block or limit customer transfers to crypto exchanges, including platforms authorized by the Financial Conduct Authority (FCA). According to FCA data, approximately 8% of adults in the United Kingdom currently own crypto assets, highlighting the growing demand for access to digital asset markets.

The campaign is supported by findings from the UK Cryptoassets Business Council’s January 2026 “Locked Out” report, which surveyed major crypto firms including Coinbase, Kraken, Gemini, Bitpanda, OKX, Luno, Uphold, Wirex, Xapo Bank, and Zumo. The report revealed that UK banks block or delay around 40% of domestic cryptocurrency transactions. Additionally, 80% of surveyed exchanges reported an increase in blocked transfers over the past year, with one exchange stating that banks rejected up to £1 million in customer transactions during a single year.

SWC UK identified two primary forms of banking restrictions. Several institutions, including Chase UK, Starling, TSB, Virgin Money, and Metro Bank, reportedly enforce complete bans on transfers and card payments to crypto exchanges. Other banks, such as Barclays, HSBC, Nationwide, NatWest, Santander, and Monzo, impose strict transaction limits on customers seeking to purchase digital assets.

The issue has drawn increasing scrutiny from policymakers. In January 2026, HM Treasury stated that FCA-authorized crypto firms should be treated fairly and should not face unnecessary account or transaction restrictions from banking providers. Industry advocates argue that current banking practices conflict with the UK government’s ambition to become a global hub for digital assets and Web3 innovation.

Stand With Crypto UK maintains that blanket restrictions unfairly affect all customers regardless of individual risk profiles. The group also claims that some banks are simultaneously exploring blockchain and crypto-related services while limiting retail access to the sector.

Adriana Ennab, Director of Stand With Crypto UK, said consumers are being prevented from accessing a legal asset class due to broad banking policies. Katie Harries, Coinbase’s Head of Policy for Europe, added that widespread retail participation is essential if the UK hopes to establish itself as a leading destination for cryptocurrency and Web3 development.

The campaign highlights growing tensions between the traditional banking sector and the expanding cryptocurrency industry, as pressure mounts for greater consumer choice and fair access to regulated digital asset services across the UK.