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AI summary of a third-party reportBearishNewsDesk

Stand With Crypto says UK banks drew 10,000 crypto complaints in 90 days

An advocacy group says consumers filed 10,092 complaints about bank restrictions on crypto purchases between May and August, with Lloyds, Barclays and NatWest named most often.

Why it matters: The complaints highlight friction between UK banks and crypto buyers even as the government and FCA prepare rules meant to attract crypto businesses.

InvestIn.News NewsDesk · 1 min read
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Picture from CoinDesk for: Stand With Crypto says UK banks drew 10,000 crypto complaints in 90 days
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Original reporting: Jamie Crawley, CoinDesk

Key points

  • Stand With Crypto recorded 10,092 complaints from 9,800 people across all 650 UK parliamentary constituencies over 90 days between May and August.
  • Lloyds Banking Group drew the most complaints at 2,297, or 23% of the total, followed by Barclays with 1,569 and NatWest Group with 1,278.
  • Barclays caps crypto transfers at £2,500 ($3,340) per transaction and £10,000 over 30 days, while Chase, Starling, TSB, Metro Bank and Virgin Money were listed as banning crypto transactions outright.

Stand With Crypto said the voluntary figures are not a representative survey and are not adjusted for each bank's market share, so a higher count does not necessarily mean a higher complaint rate.

Some lenders publish explicit limits: Barclays caps crypto transfers at £2,500 ($3,340) per transaction and £10,000 over 30 days, and NatWest and Santander also set transaction and monthly limits. Banks with published limits accounted for 61% of complaints, against 28% for those without published restrictions.

Stand With Crypto wants banks to publish clear explanations and handle transfers case by case, arguing blanket bans go beyond proportionate fraud controls.

Read the full story on CoinDesk

Live updates on NewsFeeds:AltcoinsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of CoinDesk’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

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