UK banks block crypto transfers as new tax looms, sparking consumer complaints

As the United Kingdom readies a new tax that will lift borrowing costs for small enterprises, major British banks have started to block or cap customer transfers to FCA-registered cryptocurrency platforms. Data from the Stand With Crypto UK campaign shows that 9,803 individuals filed formal complaints over a three-month span, with complaints originating from all 650 constituencies and no single seat accounting for more than 0.5% of the total.

Lloyds Banking Group, which includes Halifax and Bank of Scotland, led the list with 2,297 complaints, despite having no publicly stated policy on crypto transfers and simultaneously promoting its own tokenisation projects. Barclays, NatWest/RBS, HSBC UK and other banks also faced significant numbers of complaints. The campaign calls for banks to abandon blanket restrictions in favor of individual assessments and to publish clear guidelines on why transfers are halted.