The U.K. claims to aspire to become a global cryptocurrency hub, an ambition that would appear to be at odds with the attitude to crypto purchases of its major banks. Lloyds Banking Group received the most complaints, followed by Barclays and NatWest.
Policy UK banks face 10,000 complaints in 3 months over crypto restrictions The U.K. claims to aspire to become a global cryptocurrency hub, an ambition that would appear to be at odds with the attitude to crypto purchases of its major banks. By Jamie Crawley , AI Boost | Edited by Sheldon Reback Oct 25, 2026, 9:00 a.m. EDT 3 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Canary Wharf, London (Pixabay) Summary Show More than 10,000 complaints about bank restrictions on cryptocurrency transactions were submitted across the U.K. during a 90-day period, according to the advocacy group Stand With Crypto. Lloyds Banking Group received the most complaints, followed by Barclays and NatWest, though the voluntary data was not adjusted for each bank’s market share and does not represent all customers. Stand With Crypto said banks’ blanket bans, rigid limits and unclear policies could impede access to regulated exchanges and undermine Britain’s ambition to become a global cryptocurrency hub. The U.K.’s desire to become a global cryptocurrency hub appears to have collided with a barrier in the form of the country’s high-street banks. 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. Increased friction The findings expose a potential contradiction in the U.K.’s approach to digital assets. While the government and Financial Conduct Authority (FCA) are preparing a comprehensive regulatory regime intended to attract crypto businesses , banking restrictions can prevent consumers from accessing even regulated venues. “Bank transfers represent a crucial on-ramp to add money to their account on our platform,” said Harries. “We are an FCA-registered crypto asset business, but are subject to the same blanket restrictions as the wider crypto asset sector." Lloyds Banking Group, which includes Halifax and Bank of Scotland, received the most complaints with 2,297, equivalent to 23% of the total. Barclays followed with 1,569, while NatWest Group received 1,278. The figures require some qualification. SWC collected complaints from individuals choosing to use its online tool. The poll is not a representative survey of banking customers and is not adjusted for each bank’s share of U.K. checking accounts. As such, higher figures do not necessarily reflect a higher rate of complaints. Harries cited research by the U.K. Cryptoasset Business Council indicating that 40% of attempted transfers to FCA-registered crypto exchanges were blocked or delayed during the preceding 12 months. “Most exchanges said customer friction had increased, and 70% said banking conditions were more hostile than a year earlier,” she said. Disconnect Perhaps the report’s most revealing finding, however, is the disconnect between banks’ publicly stated restrictions and what customers say they experience. Lloyds has no published policy restricting crypto-related transfers, according to SWC’s review of bank websites as of Aug. 28. Newsletters State of Crypto Examining the intersection of cryptocurrency and government. Preview Sign up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . Revolut, a digital bank that allows crypto purchases through its app, nevertheless featured among institutions receiving complaints. Some banks do state explicit limits. Barclays restricts crypto transfers to 2,500 pounds ($3,340) per transaction and 10,000 pounds over 30 days. NatWest and Santander also state transaction and monthly limits. Lenders including Chase, Starling, TSB, Metro Bank and Virgin Money were identified as prohibiting crypto transactions altogether. Banks with published limits accounted for 61% of the complaints, compared with 28% involving institutions without published restrictions and just under 10% involving banks with outright bans. SWC argues that the differences raise questions about financial firms’ requirements to provide customers with clear information. A customer looking to switch banks to obtain reliable access to crypto transactions may struggle to determine which institution will actually do what they expect. Banks have legitimate reasons to scrutinize crypto transfers given the risk of fraud, scams and money laundering. However, the SWC argues, blanket restrictions go beyond proportionate risk management and conflict with expectations that financial crime controls should assess individual customers and transactions. SWC proposes banks publishing clear explanations of their restrictions to provide meaningful ways for customers to challenge blocked transfers. “Banks shouldn’t be allowed to apply blanket restrictions across a whole industry,” Harries said. “They should take a case-by-case approach, not choke off the entire sector.” UK banks AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk’s full AI Policy . Latest Crypto News 1 Strategy, Strive face balancing act between bitcoin buying and preferred stock dividends 21 hours ago 2 Block’s new voice AI sounds eerily human, sparking awe and scam fears 22 hours ago 3 Crypto under weekend pressure, bitcoin slides below $80,000 on U.S. Middle East evacuations 22 hours ago 4 Why McDonalds, Microsoft and Google saying no to tokenized stocks isn’t a dealbreaker 22 hours ago 5 Argentina drops criminal probe into President Milei over crashed memecoin LIBRA 22 hours ago 6 Wells Fargo, Cisco, Marvell among latest firms objecting to OKXICE’s tokenized stock plan 23 hours ago 7 Bitcoin’s wealthy holders turning to loans and yield as investment habits mature: Xapo CEO 23 hours ago 8 U.S. Clarity Act failure gives Asia and Middle East a competitive edge, says Apex Group CEO 1 day ago 9 Franklin Templeton adds $150 million in fund shares to XRP Ledger, all in one wallet 1 day ago 10 Robinhood sees surge in bitcoin, gold prediction markets as traders move beyond sports 1 day ago Latest Research Beyond the Risk-Free Rate: Diversified Real World Yield in Productive Stablecoins Beyond the Risk-Free Rate: Diversified Real World Yield in Productive Stablecoins Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years. By CoinDesk Research Sep 24, 2026 Commissioned by RealFi Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years. Why it matters : Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years. View Full Report More From Policy U.S. Clarity Act failure gives Asia and Middle East a competitive edge, says Apex Group CEO Senate’s top Democratic investigator looking into Tether payments to Bo Hines’ firm