Actions taken by UK banks to restrict customer access to crypto are “not in the spirit of consumer protection,” Circle’s European policy lead said at an event last week.

Amid concerns that crypto firms are facing difficulties accessing banking services in the UK, Teana Baker-Taylor said individual customers were also being affected.

“One thing I think that is pretty clear is the UK banks are now actively unbanking people, not just companies,” Baker-Taylor said during a panel discussion at Citi’s Digital Asset Symposium. “It’s not about just refusing to give bank accounts to companies,” she said, claiming that banks were unbanking individuals because of their decision to buy “crypto assets that are perfectly legal.”

“Then your bank turns you off,” she said. “That, to me, feels very, very wrong, and not in the spirit of consumer protection. It feels very patriarchal.”

Are UK banks “unbanking” crypto users?

While there is no evidence of a UK bank shuttering a customer’s account altogether on account of crypto usage, there are several recorded instances of users facing temporary freezes on their accounts when trying to buy crypto.

Banks have publicly detailed their policies, which include limits on how much can be transferred at once, and even blanket bans on transfers into crypto.

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Author: Alys Key,Stephen Graves

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