Campaign Logs Over 10,000 Complaints

Stand With Crypto, a UK advocacy group, reported that 9,803 individuals submitted 10,092 complaints to major banks concerning restrictions on moving funds to cryptocurrency exchanges registered with the Financial Conduct Authority. The submissions came via an online portal during a 90-day window from May to August 2026.

Lloyds Banking Group topped the list with 2,297 complaints, followed by Barclays at 1,569 and NatWest Group with 1,278. Four banking groups together received more than 1,000 complaints each, while issues appeared in all 650 UK parliamentary constituencies.

Policies Vary Widely Across Banks

Banks applied different approaches to crypto-related payments. Barclays and HSBC UK capped transfers at £2,500 per transaction, equivalent to about $3,300, and £10,000 over 30 days. NatWest set a daily limit of £1,000 and £5,000 monthly.

Santander UK allowed £1,000 per transaction but restricted monthly totals to £3,000. Monzo permitted up to £5,000 over 30 days. Nationwide imposed a £1,000 daily cap.

Six institutions, including Starling Bank, TSB, Chase UK, Metro Bank, Virgin Money and the Co-operative Bank, applied outright bans on crypto transfers. Lloyds Banking Group and Revolut did not publish explicit restrictions, yet customers still reported denials.

Restrictions Hit Even Where Policies Are Not Explicit

Some complaints involved technical issues rather than formal rules. Revolut’s support materials indicate transfers to certain cryptocurrency exchanges are unsupported, though advocacy representatives described this as a technical limitation.

Lloyds Banking Group and Revolut both received substantial complaint volumes despite the absence of publicly stated policies. Banks with published limits accounted for the majority of cases, while those without or with bans also saw thousands of reports.

Not every failed transfer was tied to blanket sector restrictions. Some customers reported denials even when their bank had no crypto policy in place.

Parliamentary Inquiry Adds Pressure

The All-Party Parliamentary Group on Crypto and Digital Assets had previously questioned major banks about their handling of cryptocurrency businesses and customer transfers. The group focused on difficulties for both crypto firms seeking accounts and retail customers funding exchanges.

Stand With Crypto called for banks to shift from blanket limits to case-by-case assessments based on risk. The group urged clearer explanations for any blocks and easier appeals processes for customers targeting FCA-registered platforms.

Regulators Prepare for 2027 Framework

The UK is introducing a new authorization regime for crypto firms on October 25, 2027. Existing anti-money laundering registrations will not automatically qualify for the updated framework, and firms must apply by February 28, 2027, for transitional arrangements.

Nick Jones, founder and CEO of Zumo, said banking access remains a persistent challenge for crypto entrepreneurs. He noted that even full regulatory approval does not guarantee business bank accounts.

Broader Concerns for Crypto Hub Ambitions

The complaints come as the United Kingdom seeks to establish itself as a global crypto center. Advocates say unclear banking policies could hinder both businesses and individual investors seeking to move funds to regulated platforms.

Stand With Crypto highlighted that restrictions cover a wide range of transaction sizes and apply across the country, affecting customers regardless of location or account type.