Over 10,000 Complaints About Cryptocurrency Transfer Restrictions in the UK Within 90 Days, Lloyds Bank Tops the List

From May to August this year, UK consumers submitted 10,092 complaints regarding bank restrictions on cryptocurrency purchases through online tools, involving 9,800 users across 650 parliamentary constituencies in the UK. Lloyds Banking Group (including Halifax and Bank of Scotland) received 2,297 complaints, accounting for about 23% of the total; Barclays Bank and NatWest Group received 1,569 and 1,278 complaints, respectively. The report notes that although the UK government is committed to establishing a comprehensive regulatory framework for crypto assets to attract related businesses, bank transfer restrictions may still hinder consumers from using compliant trading platforms. Research shows that in the past 12 months, approximately 40% of transfers initiated to cryptocurrency exchanges registered with the UK Financial Conduct Authority (FCA) were intercepted or delayed.