APPG

UK

2026-08-11 10:27:26

UK parliamentary group questions banks over restrictions on crypto firms

A cross-party parliamentary group in the UK has asked major banks including HSBC and NatWest to explain why crypto businesses are facing restrictions on banking services. The letter, sent by the All-Party Parliamentary Group on Crypto and Digital Assets, follows repeated accounts from industry participants who say crypto firms have struggled to open bank accounts and have faced limits on cryptocurrency-related payments. The group said restricted access to banking could become the biggest barrier to growth for crypto companies in the UK. It warned that limited banking channels could hinder the expansion of licensed firms, reduce companies’ willingness to invest in the country, and weaken the effectiveness of the UK’s upcoming cryptocurrency regulatory framework. According to CoinDesk, several major British banks have already imposed restrictions on crypto-related payments.

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uk-regulators

2026-08-11 08:54:57

UK Crypto APPG Presses Major Banks on Crypto Firm Access

The UK's Crypto and Digital Assets APPG has written to the CEOs of all major British banks, asking them to explain their treatment of crypto and digital asset firms. Co-chairs Gurinder Singh Josan and Lord Vaizey of Didcot signed the letter, which poses six questions about banks' current policies, whether they serve crypto firms, restrictions on related transactions and what determines those decisions. The group also asked whether banks will adjust their practices after the FCA's regulatory regime takes effect. The letter highlights that many crypto firms still struggle to open UK bank accounts, with some banks restricting payments. It follows a parliamentary inquiry into banking access launched on July 21, with written evidence accepted until August 31. A January survey by the UK Cryptoasset Business Council estimated that around 40% of transactions to crypto exchanges are blocked or delayed by banks. HSBC, NatWest, Monzo and Nationwide cap monthly transfers to crypto exchanges at £5,000 to £10,000, while Starling and Chase UK ban such transfers entirely. Economic Secretary Lucy Rigby said the government does not want FCA-regulated firms to face banking restrictions solely because of their industry. The FCA finished its rules in June; the regime becomes mandatory in October 2027.

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UK

2026-08-11 08:41:17

UK lawmakers press major banks over crypto account refusals and payment curbs

Two co-chairs of the U.K. Parliament’s Crypto and Digital Assets All-Party Parliamentary Group have written to the chief executives of every major British bank, asking for detailed explanations of how they handle crypto and digital asset firms. The letter says the group has repeatedly heard that crypto companies struggle to open bank accounts in the U.K. and that several banks have imposed limits on crypto-related payments. The lawmakers argue that access to banking may be one of the biggest barriers to growth for the sector and could weaken the impact of the country’s upcoming crypto regime. The letter asks six questions covering each bank’s current policy, whether it serves crypto firms, what restrictions it places on crypto transactions, what drives that approach, whether the incoming regulatory framework will alter it, and what the government or regulators could do to help. The move comes after the APPG opened an inquiry into banking access on July 21, with written submissions due by Aug. 31. HM Treasury has already acknowledged the issue, with Economic Secretary Lucy Rigby telling Parliament in March that the government would not expect Financial Conduct Authority-licensed firms to face banking restrictions simply because of the sector they are in.

450

UK

2026-07-21 06:15:26

UK parliamentary group opens inquiry into banking barriers facing crypto firms

A UK parliamentary group has opened an inquiry into banking restrictions affecting crypto businesses, focusing on cases where banks refused to provide accounts or placed limits on crypto-related transactions. The move comes from the Crypto and Digital Assets All-Party Parliamentary Group, or APPG, which is examining what the report describes as a banking chokepoint for the sector. According to CoinDesk, the inquiry centers on how crypto firms in the UK are being denied access to core banking services or facing transaction constraints. The article was reported by Ian Allison and edited by Shaurya Malwa, with publication dated July 21, 2026. The development places attention on the relationship between traditional banking institutions and digital asset companies operating in the UK.

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