Coinbase-backed advocacy group Stand With Crypto UK is mobilizing its 286,000 members to fight what it calls widespread bank-imposed barriers to buying crypto in the U.K.
In a campaign announced Wednesday, Stand With Crypto (SWC) urged members to file formal complaints with their banks over blanket restrictions that stop or limit transfers to cryptocurrency exchanges — even those licensed by the Financial Conduct Authority (FCA). The push cites fresh industry data suggesting the problem is widespread and getting worse just as the U.K. is trying to position itself as a Web3 hub.
The campaign leans on findings from the U.K. Cryptoassets Business Council’s “Locked Out” report (January 2026), which surveyed ten exchanges — Coinbase, Kraken, Uphold, Xapo Bank, Zumo, Wirex, OKX, Luno, Bitpanda and Gemini. That research, backed up by industry reporting, found that banks block or delay roughly 40% of domestic crypto payments. Eighty percent of the exchanges surveyed said blocked transfers have risen over the past year, and one platform reported up to £1 million (more than $1 million) in rejected transactions in a single year.
SWC says two types of banking restrictions are in use: complete blocks and hard transfer caps. Complete blocks are reportedly used by Chase UK, Starling, TSB, Virgin Money and Metro Bank, effectively stopping customers from moving money to exchanges or using cards with them. Banks that impose strict transfer limits include Barclays, HSBC, Nationwide, NatWest, Santander and Monzo.
The advocacy drive echoes earlier industry findings: an IG survey last year found 40% of U.K. crypto investors experienced a bank payment block or delay when trying to buy digital assets. SWC and its supporters argue that these policies are applied across the board — regardless of an individual customer’s risk profile — and are anti-competitive, noting that many banks are simultaneously building internal crypto teams and exploring digital-asset products.
“People across the UK are being blocked from accessing a legal asset class because banks have chosen to impose blanket restrictions on an entire sector,” said Adriana Ennab, director at Stand With Crypto UK. “From today, they are formally telling their banks that these restrictions are unacceptable.”
Regulatory context cuts both ways. Under the Payment Services Regulations 2017, banks are required to execute payments that meet account conditions, and HM Treasury told CoinDesk in January 2026 it does not expect FCA-authorized firms to face account or transaction restrictions from banking providers. “We would not expect such licensed firms to be subject to account or transaction restrictions by banking services providers,” a Treasury spokesperson said at the time.
Coinbase’s policy lead in Europe also weighed in: “The Government has set out a vision to make the UK a global hub for digital assets and Web3,” Katie Harries said. “That vision requires retail participation — where everyday people hold and engage with crypto assets. But the banks are choking off the crucial on-ramp from fiat money into crypto.”
With consumer complaints now the tactic of choice, the campaign aims to pressure banks directly and spotlight a growing tension between industry players, retail customers and the U.K. government’s stated ambitions for the digital-asset sector.
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