Stand With Crypto urges UK banks to lift crypto transfer restrictions

Stand With Crypto UK has launched a campaign against UK crypto transfer restrictions imposed by banks. Citing a UK Cryptoassets Business Council report, it says around 40% of crypto transactions are blocked or limited when users try to move funds to FCA-regulated crypto exchanges. The group says it has 286,000 members and is urging customers to complain to banks that restrict transfers to FCA-registered platforms. It argues these UK crypto transfer restrictions can reduce consumer choice, weaken competition, and slow innovation. The report highlights the scale of the problem: one exchange allegedly saw nearly £1 billion in declined transactions over one year due to bank-side rejections, while a survey found 80% of surveyed platforms reported more blocked or restricted transfers. For traders, the immediate issue is access. If UK crypto transfer restrictions tighten further, on-ramps to regulated exchanges could worsen, potentially reducing liquidity and participation. If banks shift toward risk-based handling, the same could improve exchange cash-flow conditions. The campaign also comes alongside ongoing UK policy work on stablecoins and crypto investment products, including FCA ideas such as allowing some retail-focused funds to allocate up to 10% to crypto exchange-traded products.