A UK-based crypto advocacy group argues that banks' blanket restrictions have disrupted 40% of crypto transactions and calls for their removal.

According to Mars Finance, as reported by The Block, the UK-based crypto advocacy group Stand With Crypto has launched a campaign calling on banks to lift restrictions on transfers to crypto exchage. The group cites reports that approximately 40% of UK bank crypto transactions are blocked or delayed, 80% of exchanges report a significant increase in customer friction, and one exchange alone saw nearly $1.3 billion in canceled transactions due to bank refusals in just one year. Stand With Crypto UK has mobilized over 286,000 registered advocates to complain to banks, alleging that banks are imposing "one-size-fits-all" restrictions on compliant exchanges, including those already registered with the FCA. The group's director stated that consumers should be treated as individuals, not subject to a blanket policy. Katie Harries, Head of European Policy at Coinbase, stated that the government has set a vision to make the UK a global hub for digital assets and Web3, but banks are "killing" a crucial gateway from fiat currency to cryptocurrency.