Nearly half of all transfers headed to crypto exchanges in the UK never arrive. According to a January 2026 report from the UK Cryptoasset Business Council (UKCBC), roughly 40% of customer payments to crypto platforms are being blocked or delayed by major banks, a figure that makes the country’s stated goal of becoming a global crypto hub feel less like a strategy and more like a wish.
The report, based on a survey of 10 of the UK’s largest centralized exchanges, paints a picture of an industry being slowly suffocated by its own banking partners. One exchange alone reported receiving £1 billion in declined transactions over the past year.
The banks behind the blocks
The institutions enforcing these restrictions aren’t fringe players. Chase UK, Starling Bank, Metro Bank, TSB, HSBC, Barclays, and NatWest are all named as banks continuing to impose blanket transaction limits or outright payment blocks on crypto-related transfers.
These restrictions apply even to exchanges that have gone through the trouble of registering with the Financial Conduct Authority. Firms in the digital asset space have been required to register with the FCA under Money Laundering Regulations since 2020.
