UK Lawmakers Press Banks on Crypto Banking Restrictions

The UK's Crypto and Digital Assets All-Party Parliamentary Group (APPG) has written to major lenders in the country, questioning their lack of banking services for crypto firms. The group, led by co-chairs Gurinder Singh Josan and Ed Vaizey, pointed out that several banks have introduced restrictions on crypto-related payments and transactions.

HSBC, Nationwide, NatWest, Santander UK, and Starling Bank are among the British banks that have implemented such restrictions. This has been a long-standing issue in the industry, with many firms struggling to open accounts due to concerns about risk and regulatory compliance.

The APPG's letter highlights the need for greater clarity on banking services for crypto firms, which would help to promote transparency and trust in the sector. The group is seeking explanations from the lenders regarding their approach to providing banking services to UK crypto businesses.