UK Receives Over 10,000 Complaints About Cryptocurrency Bank Transfer Restrictions in 90 Days, HSBC-Linked Banks Top the List

Odaily reports: According to a report by cryptocurrency advocacy group Stand With Crypto (SWC), between May and August of this year, UK consumers submitted 10,092 complaints through its online tool regarding banks restricting cryptocurrency purchases, involving 9,800 users and covering all 650 parliamentary constituencies in the UK. Among them, Lloyds Banking Group (including Halifax and Bank of Scotland) received 2,297 complaints, accounting for approximately 23% of the total; Barclays and NatWest Group received 1,569 and 1,278 complaints respectively.

The report notes that although the UK government is committed to establishing a comprehensive crypto asset regulatory framework to attract relevant businesses, bank transfer restrictions may still hinder consumers from using compliant trading platforms. Citing research from the UK Crypto Asset Business Council, SWC stated that over the past 12 months, approximately 40% of transfers to cryptocurrency exchanges registered with the UK Financial Conduct Authority (FCA) were blocked or delayed. (CoinDesk)