UK crypto advocacy group opposes banks restricting exchange transfers, says it hinders industry adoption

Odaily, Stand With Crypto UK has launched a campaign calling on banks to lift restrictions on cryptocurrency exchange transfers, arguing that such practices conflict with the UK's goal of becoming a global digital asset hub.

The organization stated that approximately 40% of UK banks block or delay transactions to crypto exchanges, and 80% of exchanges report a significant increase in customer transaction resistance over the past year. Some exchanges have even experienced nearly £1 billion in transaction cancellations within a year due to banks refusing to process transfers.

Stand With Crypto UK plans to mobilize over 286,000 registered crypto advocates in the UK to file formal complaints with their respective banks. The organization stated that users should not be prevented from accessing legitimate asset classes due to banks imposing "one-size-fits-all" restrictions on the entire industry.