UK banks maintain crypto payment limits as FCA authorization gateway opens

Major UK banks are keeping in place a range of limits and outright bans on outbound payments to cryptocurrency exchanges. The Financial Conduct Authority (FCA) will open its crypto‑authorization gateway on 30 September, with the new regulatory regime scheduled to start on 25 October 2027.

Current bank restrictions

• Barclays: £2,500 per transaction and £10,000 per month for bank transfers; £10,000 monthly debit‑card limit; Barclaycard stopped crypto transactions in June 2025.
• HSBC UK: Same £2,500 single‑payment and £10,000 rolling 30‑day limits; credit‑card purchases prohibited.
• NatWest: £1,000 daily and £5,000 per 30 days; controls introduced in response to scams.
• Santander: £1,000 per transaction and £3,000 per 30 days; specific block on payments to Binance.
• Nationwide: £1,000 daily limit for current‑account transfers and debit‑card payments.
• Monzo: £5,000 rolling 30‑day allowance, non‑adjustable.
• Chase UK: blocks all identified crypto‑asset transactions.
• Metro Bank: has not processed outbound payments to known crypto exchanges since November 2024.
• Starling, TSB and other banks also apply varying restrictions, often tied to fraud risk assessments.

FCA’s upcoming authorization framework

The FCA will accept applications from 30 September 2026 until 28 February 2027. The framework will bring activities such as qualifying stablecoin issuance, crypto‑trading platforms, custody, dealing, arranging transactions and staking within the Financial Services and Markets Act. Existing anti‑money‑laundering registration does not automatically confer authorization, and the bank‑payment limits sit outside the FCA’s remit.

Regulatory intent vs. commercial discretion

HM Treasury has indicated that licensed crypto firms should receive fair treatment, but it has not mandated that banks must provide accounts or payment services to every authorized entity. Decisions on banking services remain “largely commercial in nature,” allowing banks to continue assessing financial‑crime, fraud and operational risks.

Industry impact

• Research by the UK Cryptoasset Business Council estimates that roughly 40 % of attempted bank‑to‑exchange transfers are blocked or delayed.
• 80 % of surveyed exchanges report increased customer friction over the past year.
• Campaigns such as Stand With Crypto UK are urging banks to relax restrictions, even for FCA‑registered platforms.

Parliamentary scrutiny

A cross‑party parliamentary inquiry is examining whether banking restrictions remain justified once the FCA regime is fully in place. Lawmakers have written to major banks seeking explanations, but no legislation has been announced to compel banks to remove existing limits.