In a rare act of direct intervention, the UK government recently publicly called upon the banks to stop using their ability to block legitimate cryptocurrency businesses from having bank accounts. The Banking BlockadeDespite the government’s rhetoric about innovation, the on-the-ground reality for crypto firms in London is grim. Based on a survey of ten major cryptocurrency exchanges operating legally in the UK, the report found that banks are blocking or delaying nearly 40% of all transactions destined for digital asset platforms. The study singled out several high-street and challenger banks—including Virgin Money, TSB, and Chase UK—for imposing what effective amounts to blanket bans on transfers to crypto exchanges. Seven out of the ten exchanges surveyed described the UK banking environment as having become “more hostile” over the last year.