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Two in Five UK Crypto Investors Say Their Bank Has Blocked or Delayed Payment to Provider
Two in five (40%) UK crypto investors have had a payment blocked or delayed by their bank when trying to buy digital assets, according to new research from IG. The findings underline the urgent need for a full regulatory framework to prevent banks from locking investors out of the fast-growing crypto market.
While banks typically cite fraud prevention as the reason for intervening, the UK public does not support this approach. When asked, 42% of UK adults said they opposed banks interfering in crypto transactions, compared to just 33% who support such action.
When faced with this roadblock, the most common response from crypto investors is to switch banks entirely, instead using one that allows crypto transactions, with 35% taking this approach. Nearly a third (29%) have submitted a formal complaint to their bank, appealing the decision, while others have adjusted the size of their transactions (22%) or given up altogether (10%).
The IG findings come amid growing warnings that the UK is falling behind in the global crypto race. Former Chancellor George Osborne recently cautioned that the country risks ‘missing the boat altogether’ – pointing directly to the restrictions banks are placing on crypto exchanges as a key reason the UK is losing its competitive edge.
Michael Healy, UK Managing Director at IG, said: “We’re in a damaging position where millions of people are effectively being locked out of crypto just because of who they bank with. This kind of behaviour is at best anti-consumer, at worst anti-competitive – and it’s not backed by the public.
“This overreach from banks is only possible because there’s still no clear UK regulatory framework in place governing crypto. Until that changes, responsible firms and investors will be penalised. If the government is serious about making the UK a home for crypto innovation, it needs to act. We urgently need the kind of clear, comprehensive rules we’re already seeing in the US and Europe.”
According to a 2024 FCA study, 12% of UK adults hold crypto. IG’s new study suggests the UK market is growing rapidly, with 25% of respondents in the new study claiming to be invested.
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