Almost half of customer payments to cryptocurrency platforms are blocked or delayed by British banks, according to a survey of major platforms that handle billions of pounds in monthly transactions.
The UK Cryptoasset Business Council surveyed 10 regulated platforms, including Coinbase, Kraken, and Gemini.
The report estimates that 40% of transactions to crypto platforms face restrictions, although many recipients are registered with the Financial Conduct Authority.
One platform recorded nearly £1 billion in rejected transactions due to rejections by British banks over the past year. This figure only covers visible card payments and transfers via open banking, suggesting that the actual volume of blocked payments is significantly higher.
What happened
Six British banks completely block transfers to cryptocurrency exchange platforms. Virgin Money, Metro Bank, Starling Bank, TSB, Chase UK, and Wise completely prohibit bank transfers, while Wise allows debit card payments.
Eight other institutions impose transaction limits. Barclays and HSBC limit transfers to £2,500 per transaction, with a monthly cap of £10,000. NatWest allows £1,000 per day and £5,000 per month.
Santander limits each transfer to £1,000, with a maximum of £3,000 per month.
Only Revolut and Lloyds Group allow transfers without restrictions among the major British banks surveyed. Nationwide maintains a daily limit of £5,000 while allowing unlimited monthly volume.
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Impact on the sector
Eighty percent of surveyed platforms report an increase in friction for customers over the past 12 months. None have noted an improvement in access to banking services.
Seventy percent of platforms confirm that these restrictions reduce investment appetite and hiring plans in the UK market. Platforms assess the difficulty of accessing banking services in the UK at 7.9 out of 10 compared to other jurisdictions, with five of them assigning a score of 8 or more.
The surveyed companies collectively serve millions of British customers, process hundreds of billions of pounds in transactions, and employ thousands of people in the UK.
Several of them are global unicorns headquartered in the UK.
Regulatory context
Banks apply global policies without distinguishing between platforms registered with the FCA and unregulated services, the platforms indicate. None receive explanations regarding blocked payments.
The UK Treasury presented regulations regarding crypto-assets under the Financial Services and Markets Act 2000 in December 2025.
Full implementation is planned for October 2027, although current restrictions already affect compliant businesses operating under existing FCA registration.
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