UK banks received over 10,000 complaints in the three months from May to August for restricting customers from buying cryptocurrencies
UK banks received over 10,000 complaints in the three months from May to August for restricting customers from buying cryptocurrencies. Data from advocacy group Stand With Crypto (SWC) shows that a total of 9,800 individuals submitted 10,092 complaints, covering all parliamentary constituencies in the UK. Lloyds Banking Group received 2,297 complaints, Barclays received 1,569, and NatWest Group received 1,278. Katie Harries, Head of European Policy at Coinbase, stated that the banks' restrictions contradict the UK government's vision of making the country a global crypto hub and will hinder the development of the UK's digital asset industry. SWC believes that the widespread bank restrictions go beyond appropriate risk management and conflict with the expectation that financial crime controls should assess individual customers and transactions.
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