UK Lawmakers Press Banks on Crypto Account Refusals
The UK's Crypto and Digital Assets APPG has sent letters to major bank CEOs, questioning their approach to crypto firms. The group, led by Labour MP Gurinder Singh Josan and Lord Vaizey of Didcot, a former digital economy minister, highlighted repeated instances where crypto companies struggled to open accounts with UK banks.
They noted that this limited access could be the biggest barrier to growth for UK crypto businesses, potentially undermining the country's forthcoming crypto regime. The letter posed six questions to each bank, including their policy on serving crypto firms and what limits they apply to related transactions.
UK banks such as HSBC, Nationwide, NatWest, Santander, and Starling have restricted or capped crypto-related payments in recent years. A January report found that 40% of attempted transfers to crypto exchanges were blocked or delayed by banks.