Research has shown that many crypto users in the UK face banking restrictions and regulatory barriers.
IG Group Survey: 40% Users Face Payment Blocks
According to an IG Group survey, 40% of crypto users in the UK reported that their banks blocked or delayed payments to crypto providers. Among those affected, 29% lodged complaints with their banks, while 35% switched to other lenders.
Criticism of Regulatory Approach to the UK Crypto Market
There is a negative reaction to strict banking measures in the UK, such as blocking transactions to crypto exchanges, which users perceive as overly restrictive. Former Chancellor George Osborne stated that the country is 'falling behind' in the global crypto race.
Prospects for Change in Crypto Regulation
Despite existing barriers, some changes have occurred, such as lifting the ban on retail trading of crypto exchange-traded notes. However, improving the situation will require reducing banking interference and adapting the regulatory environment to the needs of digital assets.
Crypto users in the UK continue to face obstacles in funding their accounts due to banking limitations and regulatory controls. Existing regulatory changes may improve the situation, but further reforms are necessary.
