An increasing number of cryptocurrency investors in the UK are facing difficulties when recharging their accounts, highlighting the regulatory and banking barriers faced by the digital asset industry.
A survey conducted by IG Group of 500 UK crypto investors, along with a broader sample of 2,000 adults, found that 40% of users reported that their banks had blocked or delayed payments to crypto service providers. Among the affected users, 29% complained to their banks, and 35% indicated that they switched banks as a result.
When asked about the broader sample's views on bank intervention in crypto transactions, 42% expressed opposition to such measures, while 33% supported them.
"We are in a harmful situation where millions are effectively locked out of cryptocurrency simply because of the banks they choose," said Michael Healy, Managing Director of IG UK. "This behavior is at best anti-consumer and at worst anti-competitive—and it lacks public support."
While cryptocurrency trading is legal in the UK, recharging accounts can be a significant barrier. Crypto companies must register with the Financial Conduct Authority (FCA) as virtual asset service providers to operate, and only FCA-authorized firms can offer GBP fiat deposit and withdrawal services.
Some major banks, including Chase UK and NatWest, have gone further by restricting or blocking payments to crypto exchanges in the name of fraud prevention.
In addition to these barriers, the FCA has also prohibited retail customers from using borrowed funds (including credit cards) to purchase digital assets—further narrowing the funding options available to ordinary investors.
The banking obstacles faced by UK crypto users come at a time when the country's overall approach to digital assets is receiving increasing criticism. Former Chancellor and current Coinbase advisor George Osborne recently warned that the UK is "falling behind in the crypto race," stating that this shortcoming could undermine the country's role in global financial services.
"What I see worries me. We have not only failed to become early adopters, but we have actually fallen behind," Osborne said in a Financial Times op-ed discussing digital assets.
Osborne specifically pointed out the lack of progress in the stablecoin sector—a $288 billion market dominated by the dollar, with the pound having little presence. According to CoinGecko, the circulation of stablecoins denominated in pounds is only $616,000.
However, there has been some progress. As reported by Cointelegraph, the FCA recently lifted its ban on retail trading of cryptocurrency exchange-traded notes (ETNs), effective October 8. The regulator stated that this move reflects the maturation of the digital asset industry after years of volatility and an improvement in what it once considered a "lack of legitimate investment demand."
Related: Robinhood sues New Jersey and Nevada, accusing the two states of regulatory threats to its sports betting contract business
Original article: “UK banks tighten control over crypto payments, 40% of users report recharge obstacles”
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