UK banks face 10,000 complaints in 3 months over crypto restrictions

The U.K.’s desire to become a global cryptocurrency hub appears to have collided with a barrier in the form of the country’s high-street banks. More than 10,000 complaints about banking restrictions on crypto purchases were submitted by consumers over 90 days between May and August, according to advocacy group Stand With Crypto (SWC). The country first announced its support for the industry back in 2023, when Rishi Sunak, later prime minister, was still chancellor of the exchequer for the Conservative government. That stance was reiterated by the economic secretary to the Treasury, Lucy Rigby, less than year ago under a Labour administration. “A country cannot credibly invite innovators in while allowing banks to lock consumers out,” Katie Harries, Coinbase's head of European policy, said in an email interview.

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