A new UK Cryptoasset Business Council report found that almost all major banks are imposing blanket limits or blocks on transfers to crypto exchanges, effectively debanking crypto users.
A new survey by the UK Cryptoasset Business Council (UKCBC) found that transfers between United Kingdom bank accounts and crypto exchanges are frequently blocked, delayed or refused, even when customers are trying to use regulated platforms.
The survey, titled Locked Out: Debanking the UK’s Digital Asset Economy, draws on responses from 10 of the UK’s largest centralized exchanges, which collectively serve millions of UK consumers and have processed hundreds of billions of pounds in transactions.
It aims to replace anecdotes with hard numbers on how current banking practices affect the sector. The UKCBC argues that widespread restrictions are a major obstacle to growth and are already undermining the UK’s ambitions to be a leading hub for digital assets.
