UK Lawmakers Scrutinize Bank Crypto Policies Amid Regulatory Overhaul
UK lawmakers have launched an investigation into major British banks' crypto policies after concerns emerged about account access ahead of new industry rules.
The Crypto and Digital Assets All-Party Parliamentary Group has written to bank executives seeking details on their treatment of crypto businesses, including whether they currently provide accounts to these firms and why applications may be refused.
The lawmakers also asked banks about restrictions on payments involving digital asset platforms and whether their policies could change once the UK's new crypto regulatory framework becomes mandatory.
Several UK banks have introduced limits on transfers to crypto platforms, citing concerns around fraud, scams, and customer protection. Research from the UK Cryptoasset Business Council estimated that around 40% of attempted transfers to crypto exchanges were blocked or delayed.