Report: UK banks block or delay 40% of transfers to crypto exchanges

Approximately 40% of transfers from major UK banks to cryptocurrency exchanges are being blocked or delayed, according to a recent survey-based report from the UK Crypto-Business Council (UKCBC), as reported by Cointelegraph. The report, which surveyed the top 10 centralized exchanges in the UK, found that eight of them have seen a noticeable increase in blocked or restricted customer transfers over the past 12 months, with no exchange reporting a decrease. The UKCBC argued that broad regulations are a major obstacle to the growth of the UK's crypto industry. The council stated that while the industry is actively working to address fraud, banks are using regulatory compliance as a pretext to hinder financial sector growth and effectively exclude crypto users from banking services.