A U.K. parliamentary group has asked major lenders to explain how they handle banking services for crypto and digital asset companies. The inquiry follows reports that firms have struggled to open accounts and that some banks restrict crypto-related payments.
A U.K. parliamentary group has asked major lenders to explain how they handle banking services for crypto and digital asset companies. The inquiry follows reports that firms have struggled to open accounts and that some banks restrict crypto-related payments.
The issue matters because access to basic banking can shape whether crypto companies are able to operate and grow in the U.K. The group said limited banking access could become one of the biggest barriers for domestic crypto and digital asset businesses, and could affect the success of the country’s forthcoming crypto regime.
A U.K. parliamentary group has written to the heads of the country’s largest lenders over concerns that crypto and digital asset businesses are not getting adequate access to banking services. The Crypto and Digital Assets All-Party Parliamentary Group asked banks to explain their approach to serving firms in the sector.
The issue matters because access to basic banking can shape whether crypto companies are able to operate and grow in the U.K. The group said limited banking access could become one of the biggest barriers for domestic crypto and digital asset businesses, and could affect the success of the country’s forthcoming crypto regime.
The letter was signed by the group’s co-chairs, Labour MP Gurinder Singh Josan and Conservative peer Ed Vaizey. They cited repeated instances in which crypto and digital asset firms have struggled to open accounts with U.K. banks, as well as reports of restrictions on crypto-related payments and transactions.
CoinDesk reported that British banks with restrictions on crypto-related payments include HSBC, Nationwide, NatWest, Santander UK and Starling Bank. The concerns echo a broader debate in the crypto industry over “debanking,” a term used when firms or individuals lose access to banking relationships.
The parliamentary group said restricted banking access could make it harder for licensed firms to expand and could influence decisions by companies considering investment in the U.K. The request puts banks’ crypto policies under fresh political scrutiny as the country prepares a more formal regulatory framework for digital assets.
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