Two co-chairs of the UK Parliament’s Crypto and Digital Assets APPG have written to the CEOs of all major British banks, asking them to explain how they handle crypto and digital asset businesses. The letter contains six questions covering current banking policies, whether services are offered to crypto companies, what transaction restrictions are in place, and what factors shape those decisions. It also asks whether banks plan to change their approach once the Financial Conduct Authority’s new regulatory regime takes effect.
The move follows a parliamentary inquiry into access to banking services launched on July 21, with written submissions open until Aug. 31. The group said many crypto businesses struggle to open bank accounts in the UK, while some banks also restrict related payments. A January survey by the UK Cryptoasset Business Council estimated that 40% of transfers to crypto exchanges were blocked or delayed by banks. HSBC, NatWest, Monzo and Nationwide cap monthly transfers to exchanges at £5,000 to £10,000, while Starling and Chase UK prohibit such transfers entirely.
Gurinder Singh Josan and Lord Vaizey of Didcot, co-chairs of the UK Parliament’s Crypto and Digital Assets All-Party Parliamentary Group (APPG), have written to the CEOs of all major British banks to ask how they treat crypto and digital asset businesses.
The letter sets out six questions. They cover banks’ current policies, whether they provide services to crypto firms, what transaction restrictions are in place, and the factors behind those decisions. It also asks whether banks will change their approach once the UK Financial Conduct Authority’s new regulatory regime takes effect.
Inquiry centers on access to banking services
The APPG said many crypto businesses have struggled to open bank accounts in the UK, and that some banks also restrict related payments. The letter stems from a parliamentary inquiry into access to banking services that was launched on July 21. Written submissions will be accepted until Aug. 31.
Bank restrictions highlighted in survey data
A January survey by the UK Cryptoasset Business Council estimated that 40% of transfers into crypto exchanges were either blocked or delayed by banks.
HSBC, NatWest, Monzo and Nationwide limit monthly transfers to crypto exchanges to between £5,000 and £10,000. Starling and Chase UK ban those transfers.
Treasury and FCA position
Lucy Rigby, Economic Secretary to the Treasury, said the government does not want FCA-authorized firms to face banking restrictions solely because of the sector they operate in. The FCA completed the relevant rules in June, and the regime will become mandatory in October 2027.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
