UK Lawmakers Write to Bank CEOs Over Crypto Account Refusals
Parliament’s Crypto and Digital Assets APPG has asked the chief executives of major UK banks to explain how they handle crypto and digital asset firms, after repeated reports that such businesses struggle to open accounts or make payments. The co-chairs say poor banking access may be a major barrier to growth and could weaken the UK’s upcoming crypto regime. They asked banks six questions covering policy, current access, transaction limits, reasons for restrictions, whether rules will change under the new regime, and what government or regulators can do. Banks have cited fraud risk and consumer protection, and several have already capped or blocked crypto-related transfers. Industry research suggests around 40% of attempted transfers to crypto exchanges were blocked or delayed. HM Treasury has said FCA-licensed firms should not face sector-wide bank restrictions under the new regime. The APPG inquiry is still gathering evidence, with final rules due to become mandatory in October 2027.
