UK Crypto Investors Face Payment Delays as Banks Cite Fraud Concerns

Nearly 40% of UK cryptocurrency investors have encountered blocked or delayed payments when attempting to purchase digital assets, according to research commissioned by IG. The study, conducted with research agency Norstat, surveyed 2,000 UK adults and 500 crypto investors, revealing regulatory gaps that enable banks to restrict access.

Banks frequently justify these interventions as fraud prevention measures. Public sentiment remains split: 42% of UK adults oppose bank interference in crypto transactions, while 33% support such actions. Among affected investors, 35% switched banks, 29% filed complaints, 22% reduced transaction sizes, and 10% abandoned crypto investment attempts altogether.

The issue extends beyond the UK. US regulators have been directed to investigate similar "debanking" cases involving crypto firms, signaling growing global policy focus on banking access for digital asset transactions.

Former UK Chancellor George Osborne has warned that such restrictions threaten the nation's competitiveness in the global crypto sector. "This overreach from banks is only possible because there's still no clear UK regulatory framework in place," Osborne noted, highlighting the urgent need for regulatory clarity.