UK Banks Blocking Crypto Payments Spark Investor Frustration

UK banks are increasingly restricting transactions to cryptocurrency platforms, igniting a debate over whether these measures protect consumers or hinder adoption. A survey by IG Group reveals 40% of active crypto investors in Britain faced delayed or blocked payments when transferring funds to digital asset services.

Nearly a third of affected users filed formal complaints, while over 35% switched banks seeking more crypto-friendly policies. Public opinion remains divided: 42% oppose payment restrictions, while 30% support them, reflecting concerns over fraud and volatility in the lightly regulated market.

The Financial Conduct Authority maintains strict rules, allowing only registered firms to offer pound-denominated crypto services and banning retail investors from using credit cards or leverage for purchases.