UK banks block or delay around 40% of payments to crypto platforms, exchange survey finds

A report from the UK Cryptoasset Business Council indicates that major UK banks are obstructing roughly 40% of payments directed to digital asset exchanges, affecting ten large centralized exchanges including Coinbase and Kraken. Eighty percent of these exchanges reported a sharp increase in customer payment problems over the last year, with 70% describing the UK banking environment as increasingly hostile. Banks offer no clear explanations for blocked payments, even for FCA-registered firms, and some institutions like Virgin Money and Chase UK maintain outright blocks, while others like Barclays impose restrictive caps. The council argues these blanket practices may violate UK regulations concerning case-by-case assessments, consumer duty, and anti-competitive behavior. The council recommends the FCA and government mandate a risk-based, case-by-case approach and establish a forum for sharing fraud data, as the UK's comprehensive crypto regulatory regime is set to fully commence in October 2027.

(Source：The Block)