Major UK banks are blocking or restricting customer transfers to cryptocurrency platforms, generating more than 10,000 formal complaints in just three months.
A report from Stand With Crypto UK, an advocacy group backed by Coinbase (NASDAQ: COIN), found that 10,092 complaints were filed between May and August 2026.
The complaints came from customers who said their banks had restricted or refused transfers to crypto platforms registered with the Financial Conduct Authority (FCA).
The breadth of the issue was striking, with complaints originating from every one of the country’s 650 parliamentary constituencies.
Lloyds Banking Group (LON: LLOY) received the highest number of complaints at 2,297, making it the most complained-about institution in the report.
Lloyds, which includes Halifax and Bank of Scotland under its umbrella, accounted for more than 22% of total complaints filed during the period.
Barclays (LON: BARC) followed with 1,569 complaints, while NatWest Group (LON: NWG) came in third with 1,278 complaints logged against it.
HSBC UK (LSE: HSBA) and digital bank Monzo were also named among the institutions cited in the report’s findings.
Notably, restrictions were not limited to banks with explicit crypto bans, as institutions without published policies still generated 2,842 complaints during the three-month window.
Banks that impose transfer limits received 6,198 complaints, while those with outright bans accounted for just 989, suggesting informal restrictions are widespread across the sector.
Stand With Crypto said the data indicates customers cannot reliably predict whether their bank will allow transfers to regulated crypto platforms, even when no public prohibition exists.
The report warned that inconsistent bank policies risk conflicting with the UK government’s stated ambition to become a global leader in digital assets and financial innovation.
“The FCA is preparing to implement a comprehensive regime for crypto assets next year, and the Government has a clear ambition to become a global leader in digital assets and financial innovation,” the report wrote.
“If left unaddressed, bank blocks risk undermining the success of this work,” it added.
The findings arrive as broader regulatory momentum builds across Europe, where more than 50,000 Europeans recently urged the European Commission to allow stablecoins to offer cashback, loyalty benefits, and fee reductions under its MiCA review.
