New research from IG shows that 40% of UK crypto investors have faced blocked or delayed payments when trying to buy digital assets, highlighting gaps in the regulatory framework that allow banks to restrict access. The findings are based on a survey of 2,000 UK adults and 500 crypto investors conducted with research agency Norstat.

In the United States, regulators have been ordered to investigate alleged “debanking,” including cases involving crypto firms. The move underscores that access-to-banking issues are increasingly a policy focus beyond the UK.

Public Opinion Divided

Banks frequently cite fraud prevention as the reason for intervention. Public opinion remains divided: 42% of UK adults oppose bank interference in crypto transactions, while 33% support such measures.

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Among investors who faced blocked payments , 35% switched banks, 29% filed complaints, 22% reduced transaction sizes, and 10% stopped trying to invest.

Concerns Over UK Competitiveness

Policymakers have warned that the UK risks losing ground in the global crypto sector. Former Chancellor George Osborne said restrictions on crypto transactions are affecting competitiveness.

“This overreach from banks is only possible because there’s still no clear UK regulatory framework in place governing crypto,” Michael Healy, UK Managing Director at IG.

“Until that changes, responsible firms and investors will be penalised. If the government is serious about making the UK a home for crypto innovation, it needs to act. We urgently need the kind of clear, comprehensive rules we’re already seeing in the US and Europe,” Healy added.

Crypto adoption in the UK appears to be increasing. While a 2024 FCA study found that 12% of adults held crypto, IG’s research indicates that 25% now report being invested.