- Stand With Crypto UK is mobilizing 286,000 members to protest UK bank restrictions on transfers to crypto exchanges.
- A report claims 40% of crypto transactions are blocked or restricted by UK banks, including to regulated platforms.
- Regulators are concurrently developing a UK framework for stablecoins, reviewing caps and reserve requirements.
A UK crypto advocacy group is launching a campaign to challenge British banks over their broad restrictions on transfers to digital asset exchanges. Stand With Crypto UK argues these blanket limits unfairly restrict access to regulated platforms and is urging its members to file formal complaints.
The campaign cites a report finding 40% of crypto transactions face bank-side rejections. Consequently, one exchange reportedly saw nearly $1.3 billion in declined transactions over one year due to these policies.
Mark Fairless, CEO of ClearBank, stated that “interventions should be targeted and proportionate.” He warned broad blocks risk undermining competition for regulated firms operating in the UK.
Meanwhile, UK policymakers are focused on establishing rules for stablecoins. Regulators are reconsidering proposed caps on holdings and reserve requirements for pound-denominated tokens, data shows.
A House of Lords committee urged avoiding measures that could inhibit sector growth. This regulatory push occurs alongside other digital asset initiatives, including extended settlement hours and proposed retail fund allocations to crypto products.
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