It is laughable and as you say primarily FUD. I bank with HSBC who have announced that they will be blocking crypto related transactions but I’ve seen no evidence of this. I suspect that they know they can’t afford to lose the business to other financial institutions who aren’t trying to restrict how customers spend their money
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I am with them as well as I was first with Midlands before HSBC took over. If they restrict me in any way I am gone and I have been with them for nearly 30 years. They cannot afford to lose the long standing accounts as then they will have no one left.
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You can always just open a Revolut account and do any crypto related transactions through that.
The funny thing is that banks are claiming they are doing it to protect customers from increasingly levels of fraud. Action Fraud do state that crypto related fraud in the UK has risen somewhere in the region of 30% in the last 3 years but KPMG report that major fraud (which most crypto related scams wouldn’t come close to qualifying as) has risen 151% in a single year in the UK!