UK banks face over 10,000 complaints over crypto transfer limits
CIE News ·
Based on reporting by CoinDesk; not yet independently confirmed.
Advocacy group Stand With Crypto logged 10,092 consumer complaints over UK bank crypto limits across a 90-day period, while 40% of transfers to registered exchanges faced blocks or delays.
UK banks received 10,092 complaints from 9,800 consumers regarding restrictions on cryptocurrency transactions over a 90-day span from May to August, according to a report by advocacy group Stand With Crypto cited by CoinDesk. Research from the UK Cryptoasset Business Council further showed that 40% of attempted transfers to Financial Conduct Authority-registered crypto exchanges were blocked or delayed over the prior 12-month period.
Policies vary significantly across retail institutions, CoinDesk reported. Barclays caps crypto transactions at £2,500 each and £10,000 over 30 days, while NatWest and Santander also enforce strict limits. Lenders including Chase, Starling, TSB, Metro Bank, and Virgin Money prohibit crypto transactions entirely. Lloyds Banking Group accounted for the largest share of logged complaints at 2,297, despite publishing no explicit crypto restrictions on its website as of August 28.
Key facts
- 10,092 complaints logged
- 40% of transfers blocked or delayed
- Barclays caps transfers at £2,500
- Several banks ban crypto entirely