Business & Technology
Crypto group urges UK bank complaints over transfer bans
KAREN JOY BACUDO
Finance Editor
Stand With Crypto UK has launched a campaign urging customers to file formal complaints against banks that block transfers to cryptocurrency exchanges. The group says it represents 286,000 advocates in the UK.
The campaign began with an installation at Reuters Plaza in Canary Wharf, where three large blocks of ice containing banknotes were displayed to symbolise money consumers can see but cannot access. Stand With Crypto UK is asking supporters to complain to their banks about what it describes as blanket restrictions on transfers to cryptoasset exchanges registered with the Financial Conduct Authority.
The move escalates a long-running dispute between parts of the banking sector and the crypto industry over fraud controls, consumer protection and access to digital asset markets. Stand With Crypto UK argues that many banks have imposed broad limits or outright bans regardless of the exchange involved or the individual customer’s risk profile.
Industry data cited by the group suggests the scale of those restrictions. The Locked Out report by the UK Cryptoassets Business Council, based on a survey of 10 of the UK’s largest crypto exchanges, found that 40% of all UK crypto transactions are either blocked or restricted by banks.
According to the same report, one exchange recorded nearly £1 billion in declined transactions in a single year due to bank-side rejections. Over the previous 12 months, 80% of surveyed exchanges reported a measurable increase in blocked or limited transfers.
The issue affects a market that already reaches a notable share of the population. Financial Conduct Authority consumer research found that around 8% of UK adults currently hold cryptoassets, giving the dispute significance beyond specialist trading circles.
Consumer pressure
Rather than relying solely on regulatory lobbying, the campaign aims to apply direct pressure through bank complaint procedures. Stand With Crypto UK says banks’ responses will help determine its next steps.
The organisation says its supporters include consumers, business owners, entrepreneurs and investors who want to move their own money to legal trading venues. It argues that broad bank restrictions amount to one-size-fits-all policies in a sector where the exchanges involved are already registered with the UK regulator.
“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. Stand With Crypto’s 286,000 UK advocates are ordinary people, business owners, entrepreneurs and investors. From today, they are formally telling their banks that these restrictions are unacceptable and that consumers should be treated as individuals, not subjected to one-size-fits-all policies,” said Adriana Ennab, Director, Stand With Crypto UK.
The complaint drive also reflects a broader industry argument that banking policy is misaligned with the UK’s stated ambition to support digital asset activity. Crypto companies have long argued that access to basic payment rails remains one of the biggest barriers to retail participation.
Coinbase, which backs Stand With Crypto, framed the issue in terms of both national policy and customer access. The exchange has been among the companies pressing for clearer rules and more consistent treatment from financial institutions.
“The Government has set out a vision to make the UK a global hub for digital assets and Web3. That vision requires retail participation, where everyday people hold and engage with cryptoassets. But banks are choking off the crucial on-ramp from fiat money into crypto. They are putting the Government’s digital asset ambitions at risk at a time when the global race for digital assets is intensifying,” said Katie Harries, Head of Policy, Europe, Coinbase.
Bank tensions
Relations between banks and crypto businesses in the UK have been strained for several years. Lenders have tightened controls in response to concerns about scams, money-laundering risks, and operational exposure, while crypto firms argue that the response has become too broad and can ensnare legitimate transactions.
Stand With Crypto UK also argues that some financial institutions are taking contradictory positions. It says banks that restrict customer payments to crypto exchanges are also building digital asset teams and exploring their own products in the market.
That criticism reflects a broader competitive debate in financial services. Campaigners argue that if customers are prevented from using regulated channels to access crypto markets, they may be shut out of a legal part of the financial system while institutions remain free to pursue their own commercial strategies in the same area.
The campaign will not by itself change bank policy, but it could generate a substantial volume of customer complaints if even a fraction of the group’s claimed membership takes part. For banks, that could mean having to justify retail crypto restrictions in greater detail to customers who are increasingly familiar with digital assets and may question whether blanket blocks remain proportionate.
Bicester Leisure Centre has confirmed it will reopen fully on Monday, August 10, following several weeks of partial and complete closures.
However, the centre will remain fully closed tomorrow (Friday, August 7) with scheduled swimming lessons moved to Kidlington Leisure Centre.
While the changing rooms have been closed and the toilets moved to the car park, the gym, sports hall and outdoor pitches have remained in use during most of the works.
The main pool is due to welcome users again from Tuesday, August 11, marking a significant step towards normal service.
However, the Play ’n’ Teach pool will remain closed for a further three weeks while structural repairs to the roof are carried out.
Play ’n’ Teach sessions will be transferred to the main pool to minimise disruption with the majority of lesson times and days remaining unchanged, while a small number of Friday classes will operate on adjusted schedules.
The leisure centre said minor temporary changes would also be made to the main pool timetable over the coming weeks to ensure both lessons and public sessions can operate safely within the reduced space.
Operators added that they were working to provide additional public and lane swimming opportunities wherever possible during the period.
The reopening update follows growing concern among residents over the impact of the closure and ongoing restrictions.
Earlier this summer, councillors Sam Holland and Nick Mawer called for what they described as a fairer approach for members who have paid for facilities that have been unavailable during the works.
The pair say they are continuing to press Cherwell District Council over the support on offer to users.
In a joint update, they acknowledged that concessions remain available on request but argued residents should not be expected to chase compensation or fee reductions themselves when the disruption is long-running.
They said: “The current approach places too much of the burden on residents.”
The councillors have formally requested a meeting with relevant representatives at Cherwell District Council to discuss support for affected members and seek clearer communication on what assistance is available.
They added: “Residents deserve transparency, consistency and fairness while these works continue. We will continue to raise concerns on your behalf and will provide a further update once we have received a response regarding the meeting request.”
SOFIAH NICHOLE SALIVIO
News Editor
Woojer has launched a site-wide 15% discount on its haptic gaming and wellness products across several international markets.
The promotion covers the Woojer Vest 4, Woojer STRAP 4 and Woojer MAT, aimed at users of games, films, music and relaxation products. It applies across the full range rather than a single device category.
At the lower end of the price range, the STRAP 4 costs USD $143 and GBP £137 after the discount, down from USD $169 and GBP £162. The wearable device converts audio into physical vibration and can be worn around the hips, across the chest or in a cross-body position.
Woojer has also added a styling element, offering a range of colours, patterns and themed editions linked to Call of Duty: Black Ops 7 and Fortnite. A dedicated app for the Series 4 range lets users manage appearance settings, core functions, audio controls and firmware updates.
Higher-priced products
The Vest 4 sits in the middle of the range at USD $407 and GBP £390 after the discount, compared with USD $479 and GBP £459 previously. It uses six Osci TRX2 transducers to deliver haptic feedback across the torso while users play games, watch films, listen to music or use virtual reality applications.
According to the product details, the vest includes an integrated control panel, digital signal processing, multi-band equaliser settings, Bluetooth headset compatibility and up to eight hours of battery life. It is designed for use while seated, standing or moving.
The most expensive item in the promotion is the Woojer MAT, now priced at USD $849 and GBP £813, down from USD $999 and GBP £957. The foldable mattress topper is positioned as a home wellness product that turns sound into vibrations across the body.
Wellness push
Woojer links the MAT to vibroacoustic therapy, which combines sound and vibration in relaxation and recovery settings. The product is intended to support sleep, stress reduction, recovery, mindfulness and relief from muscular tension.
That places the MAT in a broader wellness market where consumer technology companies are trying to move beyond entertainment hardware into products associated with rest, recovery and mental wellbeing. By including the MAT in the same summer offer as its gaming wearables, Woojer presents entertainment and wellness as part of a single commercial strategy.
The promotion also highlights the company’s pricing structure. Even after the discount, the MAT remains a premium purchase at close to USD $850, while the Vest 4 still costs more than many mainstream audio accessories, suggesting Woojer is targeting consumers willing to pay more for a specialised sensory product.
At the same time, the STRAP 4 gives the company a lower entry point for buyers interested in haptic audio without spending several hundred pounds or dollars on a vest or mattress topper. That may help broaden its reach among gamers, music listeners and virtual reality users who want a wearable format rather than a larger home setup.
Beyond direct sales, Woojer also offers an affiliate programme that pays 10% commission on generated sales. This suggests the company is using partner-led marketing to widen distribution and attract attention in a crowded consumer electronics market.
Haptic technology has drawn increasing interest from gaming and immersive media companies seeking to add touch-based feedback to sound and visuals. Woojer’s product range reflects that trend, focusing on devices that translate audio signals into vibrations users can feel through a strap, vest or mattress topper.
The sale gives prospective buyers a temporary price cut across all three product categories, with discounted prices ranging from USD $143 for the STRAP 4 to USD $849 for the MAT.
The soaring prices come after the start of the Iran war in the end of February, with diesel now at 205.9p per litre at Membury services in Berkshire, and unleaded petrol reaching 185p per litre.
Some drivers are reducing their journeys due to the unaffordable fuel prices.
The Government has frozen fuel duty in an effort to alleviate the burden, while motoring groups advise shopping around for the best deals.
Simon Williams, head of policy at the RAC, commented on the situation: “Fuel prices continued to rise over the weekend with petrol climbing to a new Iran War high of 160.85p and diesel going back over 180p, something drivers haven’t seen since 9 June.
“Unleaded has now risen more than 10p a litre – 7 per cent – since bottoming out at 150.59p on 6 July while diesel is up 16p (15.8p) a litre, or 10 per cent, almost fully reversing June’s 16.6p reduction, which was the biggest monthly drop on record.
“Positively for petrol car drivers, RAC analysis of wholesale fuel data shows prices at the pump should begin to stabilise this week.
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“But the news for those who rely on diesel, including many businesses, is worrying as it looks set to carry on rising, possibly reaching 185p in the next week or so.”
The rise in fuel prices coincides with the summer holiday season, when more than 20 million UK drivers are expected to hit the roads this week.
The AA is advising motorists to use price comparison apps powered by the Government’s Fuel Finder service to “beat the higher prices.”
The increase in prices has led to record numbers of forecourt drive-offs.
Forecourt Eye, a fuel theft prevention company, reported a 20 per cent increase in incidents of fuel taken without payment in the five months following the conflict’s onset on February 28, compared to the previous five months.
The surge in pump prices due to the war has driven the value of stolen fuel up by 48 per cent over the same period, reaching an estimated daily average of £194,000 across the UK’s 8,359 forecourts.
Gordon Balmer, executive director of the Petrol Retailers Association, noted that its members are “reporting increasing levels of abuse and aggression towards colleagues who are simply doing their jobs and have no influence over the price displayed on the forecourt”.
The Government has postponed its planned September 2026 increase to fuel duty until the end of the year due to rising pump prices.
Originally introduced by the Conservatives in 2022 following Russia’s invasion of Ukraine, the 5p reduction was set to end in September 2026.
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