Zumo CEO Warns UK Crypto Approval May Not Resolve Banking Access

Zumo founder and CEO Nick Jones warned that the U.K.’s upcoming crypto approval regime may leave companies without business bank accounts, keeping banking access a separate challenge for the industry.

Companies are preparing for mandatory approval from the Financial Conduct Authority (FCA), expected in October 2027. Jones said access to a business bank account falls outside that framework.

Stand With Crypto logged 10,092 submissions from 9,803 people through an online complaint tool during a 90-day period from May to August 2026. Lloyds Banking Group was named in 2,297 submissions, Barclays in 1,569 and NatWest Group in 1,278. The tally counts tool entries, not confirmed blocked transfers. The figures extend earlier coverage of the complaint tally.

“This issue of restricted access to banking services needs to be urgently addressed in order for UK crypto firms to have a level playing field where they can grow and scale,” Jones said.