Stand With Crypto UK has launched a campaign against bank-imposed restrictions on cryptocurrency transfers. The advocacy group is calling on its 286,000 members to challenge banks that block or limit transfers to crypto exchanges, especially those registered with the UK's Financial Conduct Authority (FCA).
The push follows a report from the UK Cryptoassets Business Council, which found that 40% of cryptocurrency transactions in the country are either blocked or restricted by banks. The report highlighted that one crypto exchange experienced nearly £1 billion in declined transactions over a one-year period due to bank-side rejections. Separately, 80% of surveyed crypto platforms reported an increase in blocked or restricted transfers.
Bank Restrictions Emerge as a Key Industry Concern
Through a tool on its website, Stand With Crypto allows users to generate complaint letters challenging bank transfer restrictions. The organization says responses from financial institutions will shape the next phase of the campaign. It argues that many restrictions affect transfers to FCA-registered crypto exchanges operating within the existing UK regulatory framework, not just unregulated services. Stand With Crypto maintains that blanket transaction limits prevent consumers from accessing digital assets even when using regulated platforms.
The issue has intensified as the UK continues developing its digital asset regulatory framework. Industry participants increasingly argue that banking restrictions limit participation in the crypto market despite regulator efforts to establish clearer rules. Data from the UK Cryptoassets Business Council indicates the problem has grown over the past year, with transfer restrictions becoming more common across multiple platforms.
UK Regulators Continue Refining Crypto Rules
While Stand With Crypto's campaign focuses on banking access, policymakers are advancing several digital asset initiatives. Earlier this month, a House of Lords committee warned that certain Bank of England stablecoin proposals could make pound-denominated stablecoins harder to scale commercially. The committee supported a clear UK regulatory framework but cautioned that reserve requirements and holding limits should not undermine issuer viability.
Additional regulatory proposals emerged in recent weeks: in May, the Bank of England proposed extending operating hours for settlement infrastructure to support tokenized markets; on June 8, the FCA proposed allowing some retail-focused investment funds to allocate up to 10% of portfolios to crypto exchange-traded products. As regulators shape the UK's digital asset framework, Stand With Crypto seeks to address an immediate barrier to adoption: the ability for consumers to move funds freely between bank accounts and regulated crypto exchanges.