Background and Key Findings
The UK Crypto Assets and Blockchain Committee (UKCBC) has released a new report titled 'Shut Out: The Lack of Banking Services for the UK's Digital Asset Economy.' Based on feedback from the top 10 centralized exchanges in the UK, the report highlights increasing challenges customers face when transferring funds between banks and crypto platforms.
Over the past year, more than 80% of surveyed exchanges reported a significant increase in blocked or restricted transactions. Notably, none of the exchanges observed a decrease in such incidents.
Impact on Users and Industry
These transaction issues directly impact user experience and fund liquidity. Many customers trying to use regulated platforms still face banking restrictions, undermining trust and potentially slowing the growth of the UK’s crypto sector.
- Over 80% of exchanges report increased transaction blocks
- Users face liquidity issues and reduced platform trust
- Bank restrictions persist even on compliant platforms