[Update, Oct. 20, 18:35 UTC: This article has been updated to remove an unverified explanation for Revolut’s crypto transfer restrictions.]
Some of the biggest banks in the United Kingdom are facing fresh scrutiny over cryptocurrency transfer restrictions after thousands of customers reported difficulties moving money to crypto platforms.
Crypto advocacy group Stand With Crypto said 9,803 people submitted 10,092 complaints to UK banks over restrictions on transfers to crypto platforms during a 90-day period between May and August 2026. The complaints were submitted through the group’s online tool, according to a report reviewed by Cointelegraph on Tuesday.
Lloyds Banking Group, one of the UK’s largest banking groups, received the most complaints at 2,297, followed by Barclays with 1,569 and NatWest Group with 1,278, the report found.
The complaints raise questions about access to crypto services in the UK as the country prepares to introduce a new regulatory regime for digital assets in 2027.
UK banks differ on crypto transfer limits
Barclays and HSBC UK were listed as limiting crypto transfers to 2,500 British pounds ($3,300) per transaction and 10,000 pounds ($13,300) over 30 days.
Six banks, including Starling Bank, TSB and Chase UK, were listed as banning crypto-related transfers entirely.
Meanwhile, Lloyds Banking Group and Revolut were classified as having no published crypto transfer restrictions, despite receiving customer complaints.
Revolut’s official support page, however, states that transfers to “some cryptocurrency exchanges” are unsupported.
Banking restrictions threaten UK crypto hub ambitions
Nick Jones, founder and CEO of Zumo, told Cointelegraph that banking restrictions are a common problem among UK crypto founders and could undermine the country’s ambitions to become a global crypto hub.
“This issue of restricted access to banking services needs to be urgently addressed in order for UK crypto firms to have a level playing field where they can grow and scale,” Jones said.
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Jones also warned that the UK’s incoming crypto regulatory regime may not resolve the problem. Although companies are preparing for mandatory Financial Conduct Authority approval in October 2027, access to a business bank account falls outside that framework, he said.
Without coordinated action, companies could obtain full authorization yet remain unable to open a UK business bank account, Jones added.
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