UK Parliament Demands Answers From Banks on Crypto Access

The Crypto and Digital Assets All-Party Parliamentary Group (APPG), led by Labour MP Gurinder Singh Josan and Lord Vaizey of Didcot, initiated the probe after receiving consistent reports that digital asset firms struggle to open or maintain standard corporate accounts. The inquiry seeks to determine if banks are applying blanket exclusions based on industry association rather than individual risk profiles. Banks have been asked to disclose their current service status, the reasoning behind any refusals, and whether the upcoming Financial Conduct Authority (FCA) authorization process will trigger a shift in their internal policies.

Currently, the landscape is fragmented. Institutions such as HSBC, NatWest, Monzo, and Nationwide impose strict monthly transfer caps, while Starling and Chase UK prohibit crypto-related payments entirely. Research from the UK Cryptoasset Business Council suggests that roughly 40% of attempted transfers to exchanges are blocked or delayed. While banks cite concerns over fraud and consumer protection, industry participants argue that these friction points discourage international investment. With the FCA’s new regulatory framework set to take effect on October 25, 2027, the government has signaled it expects authorized firms to receive equitable treatment, though the current reality remains a primary obstacle for entrepreneurs.