More than 10,000 complaints about bank restrictions on cryptocurrency transactions were submitted across the UK over a 90-day period, according to 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.
The complaints, collected between May and August via an online tool, came from 9,800 individuals and covered all 650 parliamentary constituencies of the UK, the group said in a report. Stand With Crypto argues that 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.
Lloyds Banking Group, which includes Halifax and Bank of Scotland, received 2,297 complaints, or 23% of the total. Barclays followed with 1,569, while NatWest Group received 1,278. The report notes that higher figures do not necessarily reflect a higher rate of complaints as the poll is not a representative survey and is not adjusted for each bank's share of UK checking accounts.
Katie Harries, Coinbase's head of European policy, said in an email interview: "A country cannot credibly invite innovators in while allowing banks to lock consumers out." She added that Coinbase is an FCA-registered crypto asset business "but are subject to the same blanket restrictions as the wider crypto asset sector."
Harries cited research by the UK 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.
The report highlighted a disconnect between banks' publicly stated restrictions and what customers experienced. Lloyds has no published policy restricting crypto-related transfers, according to Stand With Crypto's review of bank websites. Barclays restricts crypto transfers to 2,500 pounds 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 have legitimate reasons to scrutinize crypto transfers given the risk of fraud, scams and money laundering. However, Stand With Crypto argues that blanket restrictions go beyond proportionate risk management and conflict with expectations that financial crime controls should assess individual customers and transactions. The group proposes banks publish clear explanations of their restrictions and 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."
The front page in your inbox each weekday morning: the lead, the picks, and why each one earned its place.
Complaints received by UK banks about crypto restrictions, May–August 2026
complaints
Data from voluntary submissions, not adjusted for market share. Source: Stand With Crypto report
§
Analysis
Why This Matters
The complaints expose a contradiction between the UK government's stated ambition to become a global crypto hub and the restrictive policies of major banks.
Blanket bans and unclear policies may deter consumers from using regulated exchanges and push crypto businesses to more friendly jurisdictions.
The lack of transparency in bank restrictions makes it difficult for customers to choose banking services that support crypto transactions.
Background
The UK government first signalled support for the crypto industry in 2023 under then-chancellor Rishi Sunak, a stance reiterated last year by economic secretary Lucy Rigby under the Labour government. The Financial Conduct Authority (FCA) is developing a comprehensive regulatory regime intended to attract crypto businesses. However, high-street banks have imposed restrictions on crypto purchases citing fraud and money-laundering risks, leading to consumer complaints.
What to Watch
The FCA and government's forthcoming crypto regulatory regime and whether it addresses banking restrictions on crypto transactions.
Whether banks adjust their policies in response to the complaints or any regulatory pressure.
Potential for further data collection or regulatory intervention requiring banks to publish clear and consistent restriction policies.
12 claims in this story checked against 1 source: 11 supported.
Show each claim
SupportedUK banks received more than 10,000 complaints about crypto restrictions over three months.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “More than 10,000 complaints about bank restrictions on cryptocurrency transactions were submitted across the U.K. during a 90-day period”
SupportedStand With Crypto says blanket restrictions could undermine the UK’s ambition to become a global cryptocurrency hub.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “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.”
SupportedStand With Crypto says it received 10,092 complaints through an online tool over 90 days between May and August.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “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.”
SupportedThe complaints covered all 650 UK parliamentary constituencies.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “The 10,092 complaints submitted using an online tool by 9,800 individuals covered customers in all 650 parliamentary constituencies of the U.K.”
SupportedLloyds received the most complaints, followed by Barclays and NatWest.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “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.”
SupportedKatie Harries said, “A country cannot credibly invite innovators in while allowing banks to lock consumers out.”CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: ““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.”
SupportedHarries said Coinbase is FCA-registered but subject to the same blanket restrictions as the wider crypto asset sector.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: ““We are an FCA-registered crypto asset business, but are subject to the same blanket restrictions as the wider crypto asset sector.””
SupportedHarries cited research saying 40% of attempted transfers to FCA-registered crypto exchanges were blocked or delayed in the preceding 12 months.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “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.”
SupportedHarries said most exchanges reported increased customer friction and 70% said banking conditions were more hostile than a year earlier.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: ““Most exchanges said customer friction had increased, and 70% said banking conditions were more hostile than a year earlier,” she said.”
Partly supportedLloyds has no published policy restricting crypto-related transfers.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Lloyds has no published policy restricting crypto-related transfers, according to SWC’s review of bank websites as of Aug. 28.”
SupportedBarclays limits crypto transfers to £2,500 per transaction and £10,000 over 30 days.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Barclays restricts crypto transfers to 2,500 pounds ($3,340) per transaction and 10,000 pounds over 30 days.”
SupportedHarries said, “Banks shouldn’t be allowed to apply blanket restrictions across a whole industry,” and called for a case-by-case approach.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: ““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.””
