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first_img Over 10,000 complaints have been filed against the UK's banking crypto transfer restrictions, with Lloyds and Barclays being named

According to Cointelegraph, the crypto advocacy organization Stand With Crypto stated that during a 90-day period from May to August 2026, a total of 9,803 individuals submitted 10,092 complaints to UK banks through the organization's online tools, reflecting the restrictions encountered when transferring to crypto platforms.The highest number of complaints came from Lloyds Banking Group, one of the largest banking groups in the UK, totaling 2,297, followed by Barclays with 1,569 and NatWest Group with 1,278. These complaints have raised concerns about the accessibility of crypto services in the UK ahead of the launch of a new regulatory framework for digital assets in 2027.The report shows that UK banks have varying practices regarding restrictions on crypto transfers. Barclays and HSBC UK are listed as limiting crypto transfers to £2,500 (approximately $3,300) per transaction and £10,000 (approximately $13,300) every 30 days. Six banks, including Starling Bank, TSB, and Chase UK, are listed as completely prohibiting transfers related to crypto.Meanwhile, Lloyds Banking Group and Revolut are classified as having not disclosed their restrictions on crypto transfers, despite also receiving customer complaints. Revolut's official support page states that transfers to "certain cryptocurrency exchanges" are not supported, and a spokesperson for Stand With Crypto indicated that this seems to be a technical issue rather than an established policy.Nick Jones, founder and CEO of Zumo, told Cointelegraph that banking restrictions are a common issue faced by crypto founders in the UK, which could undermine the country's ambition to become a global crypto hub. He stated that the issue of limited access to banking services needs urgent resolution so that UK crypto businesses can grow and expand in a fair environment.Jones also warned that the upcoming crypto regulatory framework in the UK may not address this issue. Although businesses are preparing for mandatory approval from the Financial Conduct Authority (FCA) by October 2027, obtaining business bank accounts is not included in that framework. He added that without coordinated action, businesses may obtain full authorization but still be unable to open UK business bank accounts.

first_img Microsoft exits the UK's largest AI data center, power supply may be delayed until the 2030s

According to a report by the Financial Associated Press, Microsoft has withdrawn from a large artificial intelligence data center project developed by the UK data center company Nscale in Essex, with reports indicating that the withdrawal is related to concerns over power supply. Officials from the UK National Grid had informed Nscale that the power supply for the data center is not expected to be in place until the 2030s. Nscale is exploring whether it can generate power on-site and whether it can expedite the grid connection process.The project was previously referred to by the UK government as the largest data center in the UK, originally scheduled to open next year. As of the report, the site still appears to be just a scaffolding yard. Microsoft had originally planned to fund the construction of a supercomputer, but the collaboration has now been terminated. Following the termination of the related computing power transaction, Nscale lost its only publicly announced client for the data center in Essex. Nscale stated that its relationship with Microsoft remains strong and long-lasting, and the two parties will continue to collaborate on other overseas projects, with Microsoft still participating in another project in Norway.The Starmer government highlighted this project when announcing the UK's 2025 artificial intelligence strategy, calling it the largest autonomous artificial intelligence data center in the UK. Nscale has received support from several tech companies, including Nvidia, and plans to go public in the US this year, with a valuation potentially reaching $35 billion.

first_img Analyst Jukan: Storage and computing power will fluctuate in the same direction, local AI may meet the demand

Analyst Jukan published a discussion on the storage industry's cycle, believing that computing power and storage will tighten or loosen in sync, and that there will not be a situation where computing power is continuously in short supply while storage alone turns to surplus. He also stated that the logic of shorting storage while going long on hard drives does not hold, as hard drives are tied to the storage cycle; if this cycle declines, hard drives will struggle to remain secure on their own.Jukan noted that the market lacks a clear judgment on trends after 2027. Historically, prices often peak one to two quarters before supply increases, followed by an expansion in shipments and a contraction in profit pools. He believes that this cycle is different from those of personal computers, smartphones, and general-purpose servers, as the products used are not standardized, and the triggering factors are also different. Some investors who still view storage through the lens of past experiences of profits during upswings and losses during downswings dominate pricing, leading to a low valuation of storage. He stated that a sharp collapse similar to previous ones is unlikely to reoccur, but a gradual decline is possible; even if Samsung and SK Hynix's profit margins are halved from current levels, the price-to-earnings ratio may still be in the teens, about half of the valuation of hard drive companies.He also believes that when storage prices decline, other demands will absorb supply at various price levels, with local AI-driven personal AI demand expected to emerge. If the storage prices pushed up by hyperscale cloud providers cannot be controlled, local AI will struggle to spread. Referring to the transition from mainframes to personal computers and from cloud to smartphones, he anticipates that this AI cycle will shift from cutting-edge laboratories to local open-source AI, with the latter absorbing storage demand. He simultaneously stated that storage prices will not remain high for over ten years; prices will eventually decline, but new consumer demands driven by local AI and open-source initiatives may provide bottom support.
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