UK banks face nearly 10,000 complaints over restricting cryptocurrency transfers, with Lloyds and Barclays among those listed.

October 20 - The cryptocurrency advocacy group Stand With Crypto stated that within the 90-day period from May to August 2026, a total of 9,803 users submitted 10,092 complaints through its online tool regarding restrictions on cryptocurrency transfers by UK banks. Among them, Lloyds Banking Group received 2,297 complaints, ranking first; Barclays Bank and NatWest Group received 1,569 and 1,278 complaints, respectively.

The report shows that Barclays Bank and HSBC UK limit cryptocurrency-related transfers to £2,500 per transaction and £10,000 cumulative over 30 days; six banks, including Starling Bank, TSB, and Chase UK, are listed as imposing a complete ban on cryptocurrency-related transfers. Although Lloyds Banking Group and Revolut have not published relevant restriction policies, they still received user complaints. Revolut's official help page states that some cryptocurrency trading platforms do not support transfers, and its spokesperson believes this may be a technical issue rather than an explicit policy restriction.

As the UK plans to implement a new cryptoasset regulatory regime in October 2027, industry figures warn that banking service restrictions could weaken the UK's competitiveness in becoming a global cryptocurrency hub. Nick Jones, founder and CEO of Zumo, stated that even if crypto companies obtain authorization from the UK Financial Conduct Authority (FCA), they may still face obstacles to business development if they cannot open UK commercial bank accounts.