UKCBC survey says UK banks block or delay about 40% of crypto payments

A survey by the UK Cryptoasset Business Council (UKCBC) found transfers between United Kingdom bank accounts and crypto exchanges are frequently blocked, delayed or refused, and estimates about 40% of transactions to exchanges are either blocked or delayed. The Locked Out: Debanking the UK’s Digital Asset Economy survey drew on responses from 10 of the UK’s largest centralized exchanges, which the UKCBC says collectively serve millions of UK consumers and have processed hundreds of billions of pounds.

Eight in 10 exchanges reported a noticeable increase in customers experiencing blocked or limited transfers over the past 12 months, with none reporting a decrease. The report said one leading UK‑founded exchange saw close to £1 billion in declined UK transactions over the past year due to bank rejections of card payments and open‑banking transfers.

It added that most major high‑street banks now impose strict limits or blocks on bank transfers and card payments to exchanges, while several challenger banks permit payments but impose tight caps or 30‑day limits. The UKCBC flagged widespread use of blanket policies and a lack of transparency, saying almost all major banks and payment companies impose limits or blocks without differentiating Financial Conduct Authority‑registered firms.

All surveyed exchanges reported no clear explanations from banks for payment blocks or account restrictions.

Key Topics

Crypto, Ukcbc, Centralized Exchanges, Financial Conduct Authority, Debanking, Open Banking