The All-Party Parliamentary Group on Crypto and Digital Assets (APPG) has formally questioned the chief executives of every major UK bank about their treatment of cryptocurrency and digital asset firms. Co-chairs Gurinder Singh Josan MP and Lord Vaizey of Didcot sent the letter on Tuesday, highlighting repeated difficulties that crypto businesses face in opening bank accounts and the restrictions placed on crypto-related payments.
The letter asks six specific questions: each bank’s policy on serving crypto firms, whether they currently provide accounts to such businesses and reasons for any refusal, the limits applied to customer crypto transactions, the factors driving their approach, whether the upcoming Financial Conduct Authority (FCA) regime will prompt a change, and what the government or regulators could do to help. The co-chairs stressed that access to banking services is one of the single biggest barriers to growth for the UK crypto sector and could undermine the success of the country’s forthcoming regulatory framework.
The APPG’s action follows a parliamentary inquiry launched on July 21, accepting written submissions until August 31. The letter itself does not prejudge the inquiry’s findings. It comes as several UK banks—including HSBC, Nationwide, NatWest, Santander, and Starling—have curtailed crypto payments in recent years. Research from the UK Cryptoasset Business Council found that approximately 40% of attempted transfers to crypto exchanges were being blocked or delayed. Some banks, like HSBC and NatWest, impose monthly caps of £5,000–£10,000 on crypto exchange transfers, while Starling Bank and Chase UK bar them entirely.
Economic Secretary Lucy Rigby had previously acknowledged the issue in Parliament, stating that under the new FCA regime the government “would not expect” licensed firms to face restrictions simply because of their sector. The FCA finalized its rules for the crypto industry in June, with the regime becoming mandatory in October 2027. The letter also references international parallels, including US firms’ complaints about a coordinated pressure campaign known as Operation Chokepoint 2.0, and crypto exchange Kraken’s $22 million award against an auditor it said abandoned it during that episode.
