UK Banks Face Complaints Over Restricted Crypto Transfers
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Written by Helen Partz, staff writer Edited by Robert Lakin, staff editor
UK banks are facing scrutiny over cryptocurrency transfer limits and bans, as per a report by Stand With Crypto. The advocacy group revealed that thousands of customers have encountered difficulties transferring funds to crypto platforms, leading to a surge in complaints.
Between May and August 2026, Stand With Crypto received 10,092 complaints from 9,803 individuals, with Lloyds Banking Group topping the list with 2,297 complaints, followed by Barclays (1,569) and NatWest Group (1,278).
The complaints highlight challenges in accessing crypto services in the UK, especially ahead of the country's new regulatory regime for digital assets in 2027.
Banking Restrictions and Crypto Transfer Limits
Barclays and HSBC UK have set crypto transfer limits of £2,500 ($3,300) per transaction and £10,000 ($13,300) over 30 days. Six banks, including Starling Bank, TSB, and Chase UK, have entirely banned crypto-related transfers.
In contrast, Lloyds Banking Group and Revolut have no published crypto transfer restrictions, despite customer complaints. Revolut's support page indicates limited support for transfers to certain cryptocurrency exchanges, though a Stand With Crypto spokesperson suggested this was a technical issue.
Impact on UK's Crypto Hub Ambitions
Nick Jones, founder and CEO of Zumo, expressed concern that banking restrictions could hinder the UK's goal of becoming a global crypto hub. He emphasized the need for coordinated action to address these issues, suggesting that even with full authorization, companies might still struggle to obtain UK business bank accounts.