A new IG study found that 40% of UK crypto investors face blocked or late 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 conducted by Norstat, a research agency of 2,000 UK adults and 500 crypto investors.
In the US, regulators are ordered to investigate allegedly “stopping off” investigations, including cases involving crypto companies. The move highlights the issue of access to banks being the focus of non-UK policies.
Public opinion has been divided
Banks frequently cite fraud prevention as a reason for intervention. Public opinion remains divided. 42% of UK adults oppose bank interference in crypto transactions, and 33% support such measures.
Of the investors facing a block of payments, 35% switched banks, 29% filed complaints, 22% reduced transaction size, and 10% stopped trying to invest.
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Concerns about UK competitiveness
Michael Healy, UK Managing Director at IG, Source: LinkedIn
Policymakers warn that the UK risks losing its position in the global crypto sector. Prime Minister George Osborne said restrictions on crypto trading have affected their competitiveness.
“This overreach from the bank is still possible,” said Michael Healy, UK managing director at IG.
“Until that changes, responsible businesses and investors will be punished. If the government is serious about making the UK a home for crypto innovation, it needs to act. We urgently need the clear and comprehensive rules we already see in the US and Europe,” added Healy.
The adoption of cryptography appears to be on the rise in the UK. A 2024 FCA survey found that 12% of adults are encrypted, while an IG survey reported that 25% are currently invested.
