UK banks are facing renewed scrutiny over how they handle cryptocurrency transfers after thousands of customers reported problems sending money to crypto platforms, according to a report from Cointelegraph.
Stand With Crypto, a crypto advocacy group, said 9,803 people filed 10,092 complaints against UK banks through its online reporting tool during a 90-day period from May through August 2026. The complaints focused on limits or outright refusals affecting transfers to cryptocurrency platforms.
Lloyds Banking Group received the largest number of complaints, with 2,297. Barclays followed with 1,569, while NatWest Group was named in 1,278 complaints. The figures highlight the range of difficulties customers say they encountered as the UK prepares for a new regulatory framework covering digital assets in 2027.
Different banks apply different restrictions
The report described varying approaches among major UK lenders. Barclays and HSBC UK were listed as allowing crypto-related transfers up to £2,500 per transaction and £10,000 over a 30-day period.
Six banks were listed as blocking crypto-related transfers altogether. That group included Starling Bank, TSB and Chase UK.
Lloyds Banking Group and Revolut, meanwhile, were classified as having no published crypto transfer restrictions in the report, even though both appeared among the complaints submitted by customers. Revolut’s support information says transfers to “some cryptocurrency exchanges” are unsupported, indicating that its published policy does not necessarily mean every crypto-related transfer is available.
A transfer restriction can affect how customers move money between a bank account and a crypto exchange. Such policies are separate from the rules governing the exchanges themselves and can determine whether a customer can fund an account or withdraw money through the banking system.
Concerns over the UK’s crypto ambitions
Nick Jones, founder and chief executive of crypto firm Zumo, told Cointelegraph that restrictions on banking access are a widespread concern for crypto businesses in the UK. He said limited access could make it harder for companies to grow and compete on equal terms.
The issue is emerging as the country prepares to introduce mandatory approval from the Financial Conduct Authority for relevant crypto businesses in October 2027. Jones argued that this approval process may not solve the banking-access problem because the ability to obtain a business bank account sits outside that framework.
His warning was that a company could secure full regulatory authorization but still struggle to open a UK business bank account if banks do not provide coordinated access to services.
Moneyiar market picture
Moneyiar data at 11:03-11:04 on Oct. 21, 2026, showed mixed but generally positive daily moves among the selected crypto assets:
- Monad (MON) was $0.0223239284, up 7.6% over 24 hours but down 9.01% over seven days.
- Compound (COMP) was $25.5943645911, up 10.28% in 24 hours and 12.1% over seven days.
- The Sandbox (SAND) was $0.0579849223, up 1.65% over 24 hours and 1.34% over seven days.
- AI Rig Complex (ARC) was $0.0528224454, up 14.07% over 24 hours and 82.29% over seven days.
These market figures provide a snapshot of asset prices and recent performance; they do not indicate how UK banks will change their transfer policies.
