Stand With Crypto UK, representing about 286,000 crypto enthusiasts and professionals, is pressing its network to challenge banks that block or restrict transfers to cryptocurrency exchanges. The campaign cites a UK Cryptoassets Business Council report indicating that 40% of crypto transactions are blocked or restricted by banks, with many restrictions applying to exchanges registered with the Financial Conduct Authority and not accounting for individual customer risk profiles.

The campaign outlines that one exchange recorded nearly £1 billion in declined transfers over a 12-month period, and 80% of surveyed platforms reported an uptick in blocked or restricted transfers. To push the issue forward, Stand With Crypto UK has launched a complaint-tool on its website that auto-generates letters challenging these restrictions; the organization says bank responses will help shape the next steps. Their tagline captures the spirit of the effort: “Your money. Your choice.”

Key takeaways

• According to the UK Cryptoassets Business Council, around 40% of crypto transactions are blocked or restricted by banks in the United Kingdom.
• One exchange reported nearly £1 billion in declined transfers over a year, illustrating the scale of friction for on-ramps and off-ramps.
• Approximately 80% of surveyed exchanges and platforms said they have seen higher rates of transfer blocking or restriction.
• The Stand With Crypto UK tool enables supporters to generate complaint letters to banks, with regulator-facing responses expected to influence the campaign’s next moves.
• Policy context in the UK centers on stabilizing and regulating stablecoins, with ongoing scrutiny of how such assets fit into the domestic financial system.

Bank access under scrutiny and the push for targeted risk controls

The campaign argues that blanket transfer bans hinder access to digital assets and stifle competition in a sector that is increasingly regulated. By urging members to file complaints, Stand With Crypto UK aims to convert anecdotal friction into formal regulatory and industry dialogue. In its public communication, the group emphasizes that many restrictions appear to apply broadly, regardless of a customer’s risk profile or the specific platform involved.

Industry voices calling for risk-based solutions

Industry observers have long warned that broad prohibitions can hamper legitimate crypto activity. In commentary to Cointelegraph, Mark Fairless, CEO of UK clearing bank ClearBank, underscored the need for a risk-based approach to crypto-related payments rather than sweeping blocks across the sector. “Interventions should be targeted and proportionate, as broad blocks risk undermining competition and the ability of regulated firms to operate effectively in the UK,” Fairless said.

Regulatory backdrop: UK stablecoins and the broader digital asset framework

The Stand With Crypto UK initiative arrives amid a wider regulatory effort to shape the UK’s stablecoin regime. In early May, a House of Lords committee examined proposed stablecoin regulations, questioning industry executives about bank-run risks, anti-money laundering controls, and the potential impact on traditional banking. Later in May, the Bank of England signaled a softer stance on proposed caps and reserve requirements as part of its review of the pound-denominated stablecoin framework. The objective is to foster a domestic stablecoin market while limiting risks to bank funding and financial stability; non-dollar stablecoins currently account for a small share of the global market. In June, the Lords committee warned that certain proposed stablecoin requirements could limit the viability of pound-denominated tokens and urged regulators to avoid measures that would hinder sector growth.

Beyond stablecoins, broader digital-asset initiatives are gaining momentum. In May, the central bank floated extending operating hours for settlement infrastructures to support tokenized markets, while the Financial Conduct Authority proposed on June 8 allowing some retail-focused investment funds to allocate up to 10% of their portfolios to crypto exchange-traded products.

What to watch next

As the UK weighs its stablecoin framework and the broader integration of digital assets into mainstream finance, the outcomes of this campaign could influence how banks calibrate risk and how regulators balance access with safety. The coming weeks will clarify whether targeted interventions replace blanket blocks and how exchanges and users adapt to evolving policy expectations.

Stand With Crypto UK is urging its 286,000 members to challenge British banks restricting transfers to cryptocurrency exchanges, arguing that blanket limits on transactions to regulated platforms are restricting access to digital assets.

The new campaign cites a report from the UK Cryptoassets Business Council that found 40% of crypto transactions are blocked or restricted by UK banks. The group argues that many of the restrictions apply to transfers involving exchanges registered with the country’s Financial Conduct Authority and do not account for individual customer risk profiles.

According to the report, one exchange recorded nearly 1 billion British pounds in declined transactions over a one-year period due to bank-side rejections, while 80% of surveyed platforms reported an increase in blocked or restricted transfers.

Stand With Crypto said members can submit complaints through a tool on its website that generates letters challenging transfer restrictions, with responses from banks expected to inform the campaign’s next steps.

“Your money. Your choice.” is the tag line of Stand With Crypto UK’s advocacy campaign.
Source: Stand With Crypto UK on X.com

Mark Fairless, CEO of UK clearing bank ClearBank, told Cointelegraph that banks should take a risk-based approach to crypto-related payments rather than imposing broad restrictions across the sector.

“Interventions should be targeted and proportionate, as broad blocks risk undermining competition and the ability of regulated firms to operate effectively in the UK,” Fairless said.

Related: EU proposes ban on 11 crypto platforms in Russia sanctions push

Stablecoin rules remain focus for UK policymakers

The campaign comes amid ongoing efforts by regulators to develop a UK-wide framework for stablecoins.

At the beginning of May, a House of Lords committee examined proposed stablecoin regulations, with lawmakers questioning industry executives on bank-run risks, anti-money laundering controls and the potential impact of stablecoins on traditional banking.

Later that month, the Bank of England said it was reconsidering proposed caps on stablecoin holdings and reserve requirements as it reviewed its framework for pound-denominated stablecoins.

The review comes as regulators seek to support the growth of a domestic stablecoin market while limiting potential risks to bank funding and financial stability, with non-dollar stablecoins currently accounting for only a small fraction of the global market.

Total stablecoin market cap. Source: DefiLlama

In June, a House of Lords committee said certain proposed stablecoin requirements, including reserve and holding rules, could limit the viability of pound-denominated tokens. The committee urged regulators to avoid measures that could inhibit the growth of the sector while finalizing the country’s stablecoin framework.

Beyond stablecoins, regulators have also advanced broader digital asset initiatives. In May, the central bank proposed extending operating hours for the country’s settlement infrastructure to support tokenized markets, while the Financial Conduct Authority proposed on June 8 allowing certain retail-focused investment funds to allocate up to 10% of their portfolios to crypto exchange-traded products.

Magazine: Does ‘Paper Bitcoin’ mean there’s an unlimited supply of BTC?

For months, Strategy (formerly MicroStrategy) founder Michael Saylor frequently reposted news about DeFi protocols using a variety of tokens and blockchains backed by Strategy’s STRC.

Now that their stablecoins and other yield farming tokens have wobbled, he wants everyone to know he was only sharing news, not endorsements.

STRC is one of Strategy’s stocks. It usually trades near $100 and pays a variable, 11.5% annualized dividend. Due to its high current rate of payouts, DeFi yield farmers find STRC appealing to tokenize through a variety of protocols, proprietary tokens, and blockchains.

Saylor took to social media today to clear up any misunderstanding about his frequent and prominent reposts about these non-bitcoin (BTC) tokens.

In his view, the free publicity he gave them was merely a series of non-endorsement “notifications.”

Saylor isn’t a BTC maximalist by the strictest of definitions. Indeed, despite Bitcoin branding and orange coloring across his company, website, and even attire, Saylor has spoken positively about alternative blockchains such as Ethereum and BNB Chain, so long as their utility improves adoption of BTC or Strategy’s securities like MSTR and STRC.

At altcoin conferences, he acknowledges the work of alternative blockchains in distributing proxies for BTC and Strategy exposure.

The timing is his disclaimer wasn’t subtle. In recent days, STRC-backed stablecoins like apxUSD and sUSDat started trading well below their prior $1 targets. 

Within the last week, the STRC-backed sUSDat on Ethereum traded 9.5% below its $1 target, and apxUSD similarly traded below $0.91.

Both mirrored a crash in STRC, a stock that Strategy tries to keep trading near $100 despite it hitting $90.38 on Friday.

DeFi protocols Saylor ‘notified’ everyone about

In addition to social media reposts, Saylor named DeFi builders himself on stage at the Bitcoin 2026 conference, presenting three projects using STRC powered by a variety of altcoins: Apyx, Saturn, and Hermetica.

For example, Apyx uses DeFi protocols to transform STRC exposure into a type of synthetic dollar, apxUSD.

Saturn does roughly the same through its sUSDat token while another protocol, Pendle, slices STRC-backed tokens into ostensibly stable tokens as well as yield tokens like apyUSD.

Traders then loop their assets to borrow and re-borrow, manufacturing leveraged yields atop STRC that can reach higher than 38%.

Saylor didn’t merely tolerate this machinery, he repeatedly amplified these DeFi projects through reposting “notifications.”

For example, when STRC slipped, Saylor reposted Apyx declaring, “We just bought the $STRC dip.” 

Saylor reposted Saturn touting its increasing STRC exposure.

He reposted Pendle celebrating roughly half a billion dollars in STRC-linked deposits.

Although Saylor claims he never endorsed them, the protocols themselves never hid their devotion.

Indeed, Saturn’s account describes its team as “Disciples of @Saylor” while Strata, another builder in the convoluted stack of STRC-backed DeFi, used Saylor’s own terminology, “The Bitcoin Credit flywheel is spinning.”

Bitcoin extended its post-CPI bounce, reclaiming key ground near the $60,000 to $62,000 zone and trading around $62,400 after a volatile session sparked by the latest US inflation data. The May CPI number came in line with economists’ expectations, helping to cushion a potentially hawkish surprise and lending some support to risk assets as traders recalibrate policy bets.

Prices surged roughly 2.5% intraday, rebounding from earlier declines and testing the longer-term footing of a recovery narrative that has been rattled by shifting inflation dynamics. The move underscored that even when inflation prints register at multi-year highs, the absence of an outsized surprise can still catalyze meaningful bullish reversals in bitcoin and other risk-on assets. Economists had anticipated a 4.2% headline CPI for May, with the print matching that forecast and easing the urgency for immediate policy tightening chatter from the Federal Reserve. This interpretation drew on coverage from major outlets, including Reuters, which highlighted that the reading aligned with market expectations.

Key takeaways

• May CPI rose 4.2% year over year, with a 0.5% monthly increase; core CPI rose 2.9% year over year and 0.2% month over month, according to the report.
• Bitcoin, after dipping earlier in the session, rose about 2.5% to around $62,410, reclaiming the critical support band near the 200-week moving average and the $60,000–$62,000 region.
• The price action suggests a potential near-term relief rally, but the chart remains complicated by ongoing resistance near key moving averages and a bear-flag setup on shorter timeframes.
• A downside scenario points to a target near $57,800 if BTC breaks below the flag’s lower boundary, while a bullish breakout beyond resistance could open a path toward the $64,000–$68,000 area in June, aligning with key Fibonacci retracements.

CPI prints in line with forecasts, shaping market expectations

The May CPI report showed inflation hitting 4.2% year over year, driven in large part by increases in energy and gasoline prices, a consequence of renewed geopolitical tensions that have fed into energy markets. On a monthly basis, headline inflation rose 0.5%, while the core index—stripping out food and energy—advanced 2.9% year over year and 0.2% month over month. The horizontal reading of 4.2% for headline CPI matched economists’ consensus, removing the risk of a hotter surprise that might have forced the Federal Reserve into a more aggressive stance in the near term.

For crypto traders, the data reinforced a familiar dynamic: higher inflation can complicate the inflation/deflation trade, but the absence of an outsized surprise keeps expectations for central-bank policy somewhat flexible. In practical terms, the in-line print reduced the immediate risk of a drastic policy pivot, allowing traders to view BTC’s price as reacting to a more stable macro backdrop rather than reacting to a single, outsized move in the inflation series. As Reuters reported, markets were positioned for the number, and the result aligned with those expectations, helping to support a cautious, risk-on tilt entering the trading session.

Technical setup: bears and bulls contend for near-term control

From a chart perspective, Bitcoin rallied into resistance zones after finding support around the 200-week exponential moving average—a long-term anchor many traders watch for major trend changes. The rebound carried BTC back toward the upper end of a critical zone that has anchored sentiment in prior drawdowns, roughly within the $60,000–$62,000 band. However, the immediate picture on shorter timeframes remains nuanced.

On the four-hour chart, BTC appears to be navigating a bear-flag pattern, a formation that often signals a continuation of a prior downswing if the price breaks below the lower trend line. In this case, the risk is that the bounce could be a pause before the next leg lower rather than the start of a sustained uptrend. If a breakdown occurs, the measured downside target sits near $57,800 in June, representing a roughly 7.6% slide from current levels.

Conversely, a decisive breakout above the flag’s upper boundary and a confluence of resistance near the 20-period and 50-period moving averages could invalidate the bearish setup and open room for additional upside. In that scenario, BTC could push toward the $64,000–$68,000 range in June, aligning with upside Fibonacci retracement levels of approximately 0.236 and 0.318. That path would signal renewed momentum beyond the immediate post-CPI bounce and could attract fresh buying from traders looking to ride a more constructive macro tilt.

What comes next for Bitcoin and the broader crypto market

The trajectory of bitcoin in the weeks ahead will hinge on a mix of macro data, central-bank messaging, and the evolving risk appetite of market participants. With inflation stabilizing at a level that markets had already priced in, traders will be scanning for any shift in the Fed’s communication or new data that could tilt expectations toward tighter or looser policy. In the near term, BTC faces a tug-of-war between the potential for a continued relief rally if the broader market remains constructive and the risk of a renewed test of support if selling pressure intensifies or if risk sentiment cools abruptly.

Investors and builders alike should watch how BTC behaves around the critical levels discussed: a decisive test of the 200-week EMA, a breach of the bear-flag boundaries on shorter horizons, and the ability to establish a sustained move beyond resistance bands. The outcome will not only shape the next leg for bitcoin but could also set a tone for altcoins, risk assets, and capitalization trends across the crypto market.

As the market digests inflation data and looks ahead to the next round of economic releases and policy outlooks, traders should remain prepared for a choppy environment where macro signals and technicals can diverge in the short term.

Readers should monitor ongoing inflation readings, Fed commentary, and critical price levels close to the 200-week EMA and the $60k–$62k zone, as these factors will likely determine whether the current bounce evolves into a broader rally or a continuation of volatility-driven sideways action.

The Coinbase-backed group Stand With Crypto UK called on its 286,000 members to file formal complaints against British retail banks over blanket restrictions on crypto transactions, it announced Wednesday.

The campaign is a demonstration against country-wide bank rules that block or cap customer transfers to exchanges, including those registered with the Financial Conduct Authority (FCA), the group said in a press release. Around 8% of UK adults hold cryptoassets, according to FCA research.

Stand With Crypto based its campaign on data from the U.K. Cryptoassets Business Council’s “Locked Out” report from January 2026. The report surveyed 10 exchanges: Coinbase, Kraken, Uphold, Xapo Bank, Zumo, Wirex, OKX, Luno, Bitpanda and Gemini.

A day after that report went out, a spokesperson for the HM Treasury, the country’s economic and finance ministry, told CoinDesk that government officials expected banks to treat all businesses fairly, including crypto services providers. “We would not expect such licensed firms to be subject to account or transaction restrictions by banking services providers,” a spokesperson said.

The FCA report found that British banks block or delay 40% of all domestic crypto transactions. Over the past 12 months, 80% of these exchanges reported a rise in the number of transfers blocked. One platform reported that banks rejected up to 1 million pounds (more than $1 million) in transactions in a single year.

The banking restrictions fall into two categories, Stand With Crypto UK said. Complete blocks are used by Chase UK, Starling, TSB, Virgin Money and Metro Bank, which stop all transfers and card payments to crypto exchanges. Hard transfer caps are set by Barclays, HSBC, Nationwide, NatWest, Santander and Monzo, which impose strict limits on the money users can transfer.

Last year, U.K.-based trading platform IG also released a damning survey saying millions of people were being locked out of crypto just because of they their banks anti-crypto stance. “Two in five (40%) UK crypto investors have had a payment blocked or delayed by their bank when trying to buy digital assets,” according to the IG report.

Advocates at SWC say these policies apply to everyone regardless of an individual’s actual risk profile. They also said that many of these same banks are hiring digital asset teams and exploring crypto products behind the scenes, making the retail customer blocks anti-competitive.

“People across the UK are being blocked from accessing a legal asset class because banks have chosen to impose blanket restrictions on an entire sector,” said Adriana Ennab, director at Stand With Crypto UK, in a statement. “From today, they are formally telling their banks that these restrictions are unacceptable.”

These blocks run counter to both local rules and the government’s stated plans to make the U.K. a global Web3 hub, SWC said. Under the Payment Services Regulations 2017, banks are obligated to execute payments that meet account conditions. In January 2026, HM Treasury explicitly stated it does not expect FCA-authorized firms to face transaction restrictions from banking providers, adding that firms must be treated fairly.

“The Government has set out a vision to make the UK a global hub for digital assets and Web3,” said Katie Harries, head of policy, Europe, at Coinbase, in a statement. “That vision requires retail participation — where every day people hold and engage with crypto assets. But the banks are choking off the crucial on-ramp from fiat (normal) money into crypto.”

Kalshi has added Solana perpetual futures to its regulated crypto derivatives lineup, while several other altcoin contracts, including Dogecoin and Shiba Inu, remain under regulatory review.

According to a June 10 post by Kalshi on X, SOL perpetual futures are now available for trading on the platform. The company also said traders can access the new contract without paying trading fees for a limited time.

When U.S. spot bitcoin exchange-traded funds (ETFs) launched in January 2024, investors had more than a dozen funds to choose from. BlackRock, Fidelity, Ark Invest, Bitwise, VanEck, Franklin Templeton and several others entered what many expected would become a fiercely competitive market.

Eighteen months later, the battle increasingly looks like a two-player race.

Data shows that BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) are doing most of the heavy lifting when it comes to attracting new institutional capital, while smaller funds have become largely irrelevant in determining the direction of the overall market.

The trend was evident throughout the first half of 2026.

On January 14, bitcoin ETFs recorded net inflows of $840.6 million, according to data from Farside Investors. IBIT alone accounted for $648.4 million of that total, while FBTC added another $125.4 million. Together, the two funds represented more than 90% of all inflows that day.

A similar pattern appeared on April 17, when total inflows reached $663.9 million. IBIT brought in $284 million and FBTC added $163.4 million, accounting for roughly two-thirds of all new money entering the sector.

Even during periods of weaker sentiment, the dominance of the two largest funds remained apparent. On May 1, total inflows reached $629.8 million, with IBIT contributing $284.4 million and FBTC adding $213.4 million. Combined, the pair attracted nearly $500 million of the day’s total. The pattern repeated throughout much of 2026, with the two funds frequently accounting for the majority of net inflows on the largest allocation days and often offsetting weakness elsewhere in the ETF market.

The concentration has emerged during a difficult year for bitcoin and the broader crypto ETF market. Bitcoin is down roughly 29% year-to-date, a decline that has tested institutional conviction and triggered several waves of ETF redemptions. Between mid-May and early June alone, spot bitcoin ETFs recorded multiple days of heavy outflows. The selling marks a sharp contrast to earlier periods when investors often viewed bitcoin pullbacks as buying opportunities.

But the data highlights a broader shift taking place in the bitcoin ETF market in which investors increasingly appear to be concentrating their allocations in the largest and most liquid vehicles.

That trend has particularly benefited BlackRock.

IBIT has emerged as the flagship product of the entire spot bitcoin ETF sector, regularly posting the largest inflows and often acting as a stabilizing force during periods of market stress. On several days when the broader ETF complex experienced heavy outflows, IBIT either remained positive or saw far smaller redemptions than its competitors.

The dominance is not entirely surprising. Many of the largest buyers of bitcoin ETFs are financial advisers, registered investment advisers, hedge funds, family offices, pension consultants and institutional asset allocators. For those investors, liquidity, trading volume and issuer reputation often matter as much as the underlying bitcoin exposure itself.

BlackRock manages more than $10 trillion in assets globally and maintains relationships with thousands of wealth-management platforms. Fidelity, one of the largest retirement and brokerage providers in the U.S., brings similar advantages through its distribution network and long-standing presence among retail and institutional investors.

As a result, many allocators increasingly view IBIT and FBTC as the default options for gaining bitcoin exposure.

The flip side is that smaller issuers are struggling to remain relevant.

Funds such as Franklin Templeton’s EZBC, VanEck’s HODL, Valkyrie’s BRRR and WisdomTree’s BTCW frequently record daily flows measured in single-digit millions of dollars.

On many trading days, their contributions are so small that they have little impact on the overall direction of the market.

Even funds that were once viewed as major competitors, including Bitwise’s BITB and Ark’s ARKB, now play a secondary role compared with the industry’s two largest products. Earlier this year, Trump Media & Technology Group withdrew plans for a proposed spot bitcoin ETF, abandoning an effort to enter the increasingly crowded market that is now dominated by products from BlackRock and Fidelity.

The concentration has become particularly noticeable during periods of volatility. When investors buy bitcoin ETFs aggressively, most of the money flows into BlackRock and Fidelity.

When investors sell, the behavior of those two funds often determines whether the sector posts net inflows or outflows.

That dynamic suggests the bitcoin ETF market is entering a new phase. Rather than a broad competition among a dozen issuers, the industry increasingly resembles a winner-take-most business where scale, liquidity and distribution drive investor decisions.