9 of UK’s 10 largest retail banks block or limit crypto payments

Nine of the UK’s 10 largest retail banks block or cap cryptocurrency-related payments. Even with the UK’s comprehensive crypto regulatory framework set to take effect in October 2027, banks are not required to lift these measures. Despite the UK government’s goal to become a global digital asset hub, pressure on the banking sector remains, and the top banks continue to restrict crypto payments. The Financial Conduct Authority expects financial institutions to gradually phase out blanket bans voluntarily with the introduction of new regulations, but it will not legally mandate banks to process crypto transactions. Consequently, the allowance of such transactions will depend on individual bank policies.

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