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.
Among investors who faced blocked payments, 35% switched
banks, 29% filed complaints, 22% reduced transaction sizes, and 10% stopped
trying to invest.
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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.
This article was written by Tareq Sikder at www.financemagnates.com.
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