Coinbase-backed advocacy group Stand With Crypto UK (SWC UK) announced Wednesday it is calling on its 286,000 members to file formal complaints against British retail banks over blanket restrictions on cryptocurrency transactions. The campaign targets country-wide banking policies that block or cap customer transfers to exchanges, including those registered with the Financial Conduct Authority (FCA).
According to SWC UK, the restrictions fall into two categories. Complete blocks are enforced by Chase UK, Starling, TSB, Virgin Money and Metro Bank, which stop all transfers and card payments to crypto exchanges. Hard transfer caps are set by Barclays, HSBC, Nationwide, NatWest, Santander and Monzo, limiting how much users can send. FCA research shows roughly 8% of UK adults hold crypto assets.
FCA data: 40% of crypto transactions blocked by banks
The campaign is based on the UK Cryptoassets Business Council's January 2026 'Locked Out' report, which surveyed 10 exchanges: Coinbase, Kraken, Uphold, Xapo Bank, Zumo, Wirex, OKX, Luno, Bitpanda and Gemini. The report found that British banks block or delay 40% of all domestic crypto transactions. Over the past 12 months, 80% of these exchanges reported an increase in blocked transfers. One platform said banks rejected up to £1 million (over $1 million) in transactions in a single year.
SWC UK argues the policies apply uniformly regardless of individual risk profiles. The group also noted that many of the same banks are quietly hiring digital asset teams and exploring crypto products internally, making retail customer blocks anti-competitive.
HM Treasury: licensed firms should not face restrictions
A day after the report's release, a spokesperson for HM Treasury told CoinDesk that government officials expect banks to treat all businesses fairly, including crypto service providers. “We would not expect such licensed firms to be subject to account or transaction restrictions by banking services providers,” the spokesperson said. Under the Payment Services Regulations 2017, banks are obligated to execute payments meeting account conditions. SWC UK said these blocks violate local rules and contradict the government's stated ambition to make the UK a global Web3 hub.
“People across the UK are being blocked from accessing a legal asset class because banks have chosen to impose blanket restrictions on an entire sector,” said Adriana Ennab, director at Stand With Crypto UK, in a statement. “From today, they are formally telling their banks that these restrictions are unacceptable.”
Katie Harries, Head of Policy, Europe, at Coinbase, added: “The Government has set out a vision to make the UK a global hub for digital assets and Web3. That vision requires retail participation — where every day people hold and engage with crypto assets. But the banks are choking off the crucial on-ramp from fiat money into crypto.”