UK banks face 10,000 complaints in 3 months over crypto restrictions
UK consumers submitted over 10,000 complaints in three months regarding banking restrictions that prevent them from purchasing cryptocurrency. Advocacy group Stand With Crypto argues these barriers contradict the government's stated goal of becoming a global digital asset hub.
Why it matters
The friction between traditional banking policies and government-backed crypto innovation creates a significant barrier to entry for the UK's digital asset sector.
More than 10,000 complaints about banking restrictions on crypto purchases were submitted by consumers over 90 days between May and August, according to advocacy group Stand With Crypto (SWC).
The country first announced its support for the industry back in 2023, when Rishi Sunak, later prime minister, was still chancellor of the exchequer for the Conservative government. That stance was reiterated by the economic secretary to the Treasury, Lucy Rigby, less than year ago under a Labour administration.
“A country cannot credibly invite innovators in while allowing banks to lock consumers out,” Katie Harries, Coinbase's head of European policy, said in an email interview. “This will undoubtedly dampen the growth of the U.K.’s digital asset sector, with ramifications for associate investment here.”
The 10,092 complaints submitted using an online tool by 9,800 individuals covered customers in all 650 parliamentary constituencies of the U.K., the SWC report said in a report.
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