The group Stand With Crypto UK, supported by Coinbase, is mobilizing its 286,000 members to lodge formal complaints against British retail banks. This initiative responds to widespread restrictions that prevent customers from transferring funds to cryptocurrency exchanges.
These restrictions, which have been criticized as overly broad, affect not only well-known exchanges but also those registered with the Financial Conduct Authority (FCA). According to recent FCA research, approximately 8% of adults in the UK own cryptoassets.
Stand With Crypto UK’s campaign is informed by the “Locked Out” report from the U.K. Cryptoassets Business Council, published in January 2026. This report analyzed data from ten cryptocurrency exchanges, including Coinbase and Kraken, revealing that British banks block or delay 40% of domestic crypto transactions. Over the past year, 80% of these exchanges reported an increase in blocked transfers, with one platform noting that banks rejected transactions totaling over £1 million (approximately $1.2 million) within a single year.
The banking restrictions fall into two main categories. Some banks, such as Chase UK and Virgin Money, impose complete bans on all transfers and card payments to crypto exchanges. Others, including Barclays and HSBC, enforce strict limits on the amount users can transfer.
Last year, a survey from U.K.-based trading platform IG highlighted that millions of individuals face barriers to accessing cryptocurrencies due to their banks’ anti-crypto policies. The survey found that 40% of UK crypto investors experienced payment blocks or delays when attempting to purchase digital assets.
Advocates from Stand With Crypto UK argue that these banking policies apply indiscriminately, regardless of an individual’s risk profile. They also point out that many banks are simultaneously developing digital asset teams and exploring crypto products, raising concerns about anti-competitive practices.
“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,” stated Adriana Ennab, director at Stand With Crypto UK. “From today, they are formally telling their banks that these restrictions are unacceptable.”
These banking practices are seen as contradictory to both local regulations and the government’s aspirations to position the UK as a global hub for Web3 technologies. Under the Payment Services Regulations 2017, banks are required to process payments that comply with account conditions. Additionally, HM Treasury reiterated in January 2026 that it does not expect FCA-authorized firms to face transaction restrictions from banks.
Katie Harries, head of policy for Europe at Coinbase, emphasized that the government’s vision for the UK as a leader in digital assets necessitates retail participation. “That vision requires retail participation — where everyday people hold and engage with crypto assets. But the banks are choking off the crucial on-ramp from fiat to crypto,” she stated.
Stand With Crypto UK is urging its members to file complaints against UK banks for imposing restrictions on cryptocurrency transactions. The campaign highlights the impact of these restrictions on access to cryptoassets, which contradicts government efforts to foster a supportive environment for digital finance.