UK Banks Under Pressure to Relax Crypto Transaction Restrictions

A new campaign has been launched by Stand With Crypto UK, a group that aims to promote the adoption of cryptocurrencies in the UK. The advocacy group is urging its 286,000 registered supporters to file complaints with their banks over limits on transfers to crypto platforms.

The issue of banking access to digital assets has become a major bottleneck for the industry in the UK. According to a report by the UK Cryptoassets Business Council, around 40% of attempted transactions from UK banks to crypto exchanges are blocked or delayed. This can lead to significant losses for exchanges and customers alike, with one exchange reporting nearly £1 billion in cancelled transactions over a 12-month period.

The campaign is calling on banks to move away from blanket restrictions and towards more risk-based controls. This would allow individuals to access their digital assets without unnecessary hurdles. The group believes that this change is essential for the UK to become a global hub for digital assets, as proposed by the government's vision for Web3.