White House · United Kingdom · The Block
Meanwhile, the FCA recently proposed allowing investment funds to allocate up to 10% of their assets to crypto exchange-traded
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Despite this, crypto investors still argue that access to friendly banking services is one of the biggest hurdles.
Key facts
- Stand With Crypto UK cited findings from the UK Cryptoassets Business Council's "Locked Out" report released earlier this year
- One exchange even reported nearly £1 billion (~$1.3 billion) in cancelled transactions in the span of a year due to bank rejections, according to the report
- The group encouraged its more than 286,000 registered UK advocates to file complaints with their banks over what it called "blanket restrictions" on transfers to crypto exchanges, including
- Meanwhile, the FCA recently proposed allowing investment funds to allocate up to 10% of their assets to crypto exchange-traded notes
Summary
Crypto advocacy group Stand With Crypto's UK branch launched a campaign on Wednesday, urging banks to lift restrictions on transfers to crypto exchanges. The group encouraged its more than 286,000 registered UK advocates to file complaints with their banks over what it called "blanket restrictions" on transfers to crypto exchanges, including those that are already registered and legally compliant under the UK's Financial Conduct Authority (FCA) watchdog. Stand With Crypto UK cited findings from the UK Cryptoassets Business Council's "Locked Out" report released earlier this year. One exchange even reported nearly £1 billion (~$1.3 billion) in cancelled transactions in the span of a year due to bank rejections, according to the report. "People across the UK are being blocked from accessing a legal asset class because banks have chosen to impose blanket restrictions on an entire sector," Stand With Crypto UK Director Adriana Ennab said in a statement.