365Crypto
Nearly half of UK crypto investors say their banks have blocked or delayed payments to exchanges. A new survey by IG Group shows 40% of users hit a wall when moving money, raising alarms that Britain risks slipping behind global rivals.
Users Fighting Back
Among affected users, 29% filed complaints with their banks, while 35% switched providers. Many see the restrictions as unfair roadblocks that punish ordinary investors.
The Banking Blockade
Crypto firms in the UK must register with the Financial Conduct Authority (FCA) to handle customer money. Even so, big banks like Chase UK and NatWest have blocked or restricted transfers to exchanges, claiming they are preventing fraud. The FCA also bans buying crypto with borrowed money or credit cards. This leaves fewer funding options for retail investors.
Public Opinion Split
When asked if banks should intervene, 42% of respondents opposed restrictions, while 33% supported them. IG’s UK chief Michael Healy slammed the policy, calling it “anti-consumer” and “anti-competitive.”
Falling Behind in the Crypto Race
Former UK Chancellor George Osborne, now an adviser at Coinbase, warned Britain risks losing its role as a financial leader. He pointed to the lack of pound-backed stablecoins — only $616,000 in circulation, compared to a $288B global market dominated by the US dollar.
Small Signs of Progress
Not all news is bleak. The FCA recently lifted its ban on retail trading of crypto ETNs (exchange-traded notes), effective October 8. Regulators say the industry has matured enough to justify the shift.
