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Nine of the UK’s 10 largest retail banks currently block or cap cryptocurrency-related payments, Wu Blockchain said. It added that even after the UK’s comprehensive crypto regulatory framework takes effect in October 2027, banks will not be required to lift those measures.
While the UK government has set a goal of becoming a global digital asset hub and pressure on the banking sector continues, nine of the top 10 banks still either block or limit crypto-related payments. The Financial Conduct Authority expects financial institutions to gradually phase out blanket bans voluntarily once new regulatory measures are introduced, but confirmed it will not legally force banks to process crypto transactions. As a result, whether such transactions are allowed will be determined by each bank’s policy.