UK-based crypto advocacy group: Banks' blanket restrictions have blocked 40% of crypto transactions; calls for restrictions to be lifted.

CoinFeed reported on June 11th that, according to The Block, the UK-based crypto advocacy group Stand With Crypto has launched a campaign calling on banks to lift restrictions on transfers to crypto exchanges. The organization cited a report stating that approximately 40% of UK bank crypto transactions are blocked or delayed, 80% of exchanges report a significant increase in customer friction, and one exchange alone saw nearly $1.3 billion in canceled transactions due to bank refusals in just one year. Stand With Crypto UK has mobilized over 286,000 registered advocates to file complaints with banks, alleging that banks are imposing "one-size-fits-all" restrictions on compliant exchanges, including those already registered with the FCA. The organization's director stated that consumers should be treated as individuals, rather than subject to a blanket policy.