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27/01/26 05:08 UTC-04

UK Banks Block Nearly 40% of Transfers from Crypto Exchanges

According to a study by the UK Cryptoasset Business Council (hereinafter referred to as the Council), transfers between bank accounts in the United Kingdom and cryptocurrency exchanges are frequently blocked, delayed, or rejected, even when customers attempt to use regulated platforms. Analysts found that nearly 40% of transactions from the country’s 10 largest centralized platforms were cancelled.

“We acknowledge that fraud is a real problem and we are actively working to address it. However, there is a widespread belief within the industry that banks are using regulatory compliance as a pretext to curb the sector’s growth,” said the Council’s Chief Executive Officer Simon Jennings.

According to the Council’s experts, transactions worth nearly $1.4 billion were rejected on one of the UK’s leading exchanges over the past year.

At the same time, banks often fail to explain the reasons for blocks and restrictions, leaving customers in the dark. Industry representatives described this situation as “the biggest problem” when developing or launching new cryptocurrency products in the UK. The head of the Council agrees with this view, stating that “if the country wants to lead the global race in digital assets, this cannot continue.”

See also: "Binance to relaunch trading of tokenized stocks"

#Crypto exchanges

Editor: Alyona Nabok
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