UK banks are blocking crypto payments—brief update
Main news: UK banks are blocking or delaying nearly 40% of crypto transactions. Payments worth nearly £1 billion $1.2 billion have been rejected.
Investigation report: According to a survey by UKCBC, 80% of exchanges have faced significant payment barriers in the past year.
Victim banks: Major banks like Chase UK, Santander, and HSBC have imposed strict restrictions or outright blocks on crypto trading.
Main issue: Although the government and regulators have legitimized crypto, banks are stopping payments under the pretext of fraud, which is a major barrier to crypto adoption in the UK.
Summary: Despite regulations, purchasing crypto in the UK is becoming difficult due to banking barriers.
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