UK Banks to Retain Crypto Payment Bans Under New FCA Regime

The UK's Financial Conduct Authority (FCA) has announced that banks will not be required to lift blanket restrictions on payments to crypto exchanges when its new crypto regime comes into effect in October 2027.

The current regulatory framework is set to expire at the end of next year, and despite government pressure for banks to relax their stance on crypto transactions, the FCA has stated that it will not compel banks to do so.

Nine out of the 10 largest UK retail banks currently block or limit payments to crypto exchanges, a move that is seen as a blow to the government's ambition to create a global digital assets hub.