UK Crypto Advocates Clash with Banks over Transfer Blocks

A group of UK crypto advocates is pushing back against what they see as an attempt by banks to restrict transfers to cryptocurrency exchanges. The advocacy group, Stand With Crypto UK, has launched a campaign urging its members and others to challenge 'blanket restrictions on transfers to crypto exchanges' imposed by local banks.

The issue affects nearly 40% of transactions to cryptoasset exchanges in the UK, according to a report from the UK Cryptoassets Business Council. The report found that almost all major UK banks and payments services firms have implemented blanket transaction limits or complete blocks on transfers to these exchanges.

Stand With Crypto UK is calling for banks to adopt a risk-based approach to the crypto sector, rather than imposing broad restrictions. In an open letter to local banks, the group said: 'We urge U.K. banks to change course and lift the blocks on transfers to cryptoasset exchanges.'