UK sees over 10,000 complaints about crypto 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 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 about 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 related businesses, bank transfer restrictions may still hinder consumers from using compliant trading platforms. SWC cited research from the UK Crypto Asset Business Council stating that over the past 12 months, about 40% of transfers to cryptocurrency exchanges registered with the UK Financial Conduct Authority (FCA) were blocked or delayed. (CoinDesk)