A new survey released by the UK Crypto Asset Business Council shows that UK banks are widely blocking, delaying, or refusing customer transfers to cryptocurrency exchanges, even when these exchanges are regulated by the UK’s Financial Conduct Authority. The survey estimates that about 40% of such transfer attempts are intercepted or delayed by banks.
The survey of the top ten centralized exchanges in the UK found that 80% of exchanges reported an increase in customers experiencing blocked or restricted transfers in the past 12 months, with none reporting any easing of the situation. The restrictions include major commercial banks setting strict limits on transfers to exchanges and credit card payments or directly blocking them.
The ongoing friction underscores the challenge of aligning banking practices with crypto activity and the FCA’s regulated status. The findings highlight a persistent banking hurdle for users seeking access to crypto markets and for exchanges seeking broad participation.
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