Parliamentary group demands clarity from major UK banks on policies blocking crypto businesses from banking services.
A cross-party group of UK lawmakers has written to the CEOs of major banks seeking details on their treatment of crypto and digital asset firms. The letter highlights concerns that restricted access to banking could hinder growth in the sector and undermine the UK’s upcoming regulatory regime for crypto assets.
The inquiry follows reports of banks refusing accounts to crypto firms or limiting related transactions. Lawmakers posed six questions, including whether banks plan to adjust policies once the Financial Conduct Authority’s new rules take effect. Written submissions to the parliamentary inquiry are open until August 31.
The group warned that limited banking access could deter firms from investing in the UK, potentially weakening the country’s competitiveness in the digital asset space.