What is Stand With Crypto UK's new campaign about?

Stand With Crypto UK is encouraging crypto users to challenge banks that block or restrict transfers to cryptocurrency exchanges. The group argues that many of these restrictions affect FCA-registered platforms and limit access to regulated digital asset services.

Why are UK banks restricting crypto exchange transfers?

Banks say restrictions help reduce fraud, scams and financial crime risks associated with cryptocurrency transactions. However, crypto advocates argue that blanket restrictions do not adequately distinguish between regulated exchanges and higher-risk platforms.

How widespread are crypto transfer restrictions in the UK?

According to research cited by Stand With Crypto UK, around 40% of crypto transactions are blocked or restricted by UK banks. The report also found that 80% of surveyed crypto platforms have seen an increase in transfer restrictions.

How much crypto-related activity has been affected by bank restrictions?

One crypto exchange reportedly experienced nearly £1 billion in declined transactions over a 12-month period because of bank-side rejections. The figure highlights the scale of friction between traditional banking services and the crypto sector.

Why does this matter for UK crypto investors?

Restricted bank transfers can make it harder for investors to buy, sell or move funds to regulated crypto exchanges. Supporters of the campaign argue that this limits consumer choice and could slow the adoption of digital assets in the UK.

What is Stand With Crypto UK asking users to do?

The organisation has launched an online tool that allows users to generate and submit complaint letters to banks. The responses received will help the group assess how different financial institutions justify their crypto-related restrictions.

What is the industry's argument against broad crypto transfer bans?

ClearBank CEO Mark Fairless said banks should take a risk-based approach rather than imposing broad restrictions across the sector. He argues that targeted controls are more effective and less disruptive for legitimate businesses and customers.

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UK crypto group challenges bank transfer blocks

Written by Liezl GambePublished Jun 11, 2026, 12:04 AM

Stand With Crypto UK has launched a campaign encouraging its 286,000 members to challenge British banks that restrict transfers to cryptocurrency exchanges, arguing the measures limit access to regulated digital asset platforms.

The group cited a report from the UK Cryptoassets Business Council that found 40% of crypto transactions are blocked or restricted by UK banks, with many of the limitations affecting transfers to exchanges registered with the Financial Conduct Authority.

“Interventions should be targeted and proportionate, as broad blocks risk undermining competition and the ability of regulated firms to operate effectively in the UK,”

Said ClearBank CEO, Mark Fairless.

According to the report, one crypto exchange experienced nearly £1 billion in declined transactions over a 12-month period due to bank-side rejections, while 80% of surveyed platforms reported rising levels of blocked or restricted transfers.

Stand With Crypto said users can submit complaints through an online tool that generates letters challenging transfer restrictions, with responses from banks expected to help shape the campaign’s future actions.

The initiative comes as UK policymakers continue working on a stablecoin regulatory framework, with lawmakers and regulators reviewing issues including anti-money laundering controls, reserve requirements and potential risks to financial stability.

The UK has also advanced wider digital asset reforms in recent months, including proposals from the Bank of England to support tokenised markets and plans from the Financial Conduct Authority to allow certain retail-focused investment funds to allocate up to 10% of their portfolios to crypto exchange-traded products.