UK Parliament investigates banking restrictions on crypto firms

The UK Parliament has launched a cross-party inquiry into how banks are limiting access to banking services for cryptocurrency businesses. The inquiry, led by the Crypto and Digital Assets All-Party Parliamentary Group (APPG), aims to assess the extent of restrictions imposed by banks, including the refusal to provide bank accounts and limitations on crypto-related payments. The APPG, co-chaired by Lord Vaizey and Labour MP Gurinder Singh Josan, noted that many UK banks have introduced measures that hinder crypto transactions, such as blocking payments to specific firms and imposing transfer limits. The inquiry seeks to understand the application and proportionality of these restrictions and their impact on consumers, businesses, innovation, and competition. The APPG has invited written evidence from stakeholders in the banking, payments, fintech, and crypto sectors over a six-week period, after which it will publish a report with findings and recommendations for the Government.

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