UK Parliamentarians Demand Answers from Major Banks over Crypto Business Restrictions

A cross-party group of UK parliamentarians has written to major banks demanding an explanation for their treatment of cryptocurrency and digital asset businesses.

The Crypto and Digital Assets APPG, co-chaired by Gurinder Singh Josan and Lord Vaizey of Didcot, sent the letter to CEOs of HSBC, NatWest, Monzo, Nationwide, Starling, and Chase UK.

The group raised six questions about banks' policies towards crypto businesses, including whether they provide services to such companies, related transaction restrictions, and the criteria for making decisions on account access.

This move comes after a parliamentary inquiry into bank service accessibility began in July, with written responses due by August 31. A previous survey conducted by the UK Crypto Asset Business Association found that around 40% of transactions were blocked or delayed when transferring funds to cryptocurrency exchanges by banks.