The UK Parliament’s Crypto and Digital Assets All-Party Parliamentary Group (APPG) has written to the chief executives of major UK banks seeking answers over continued concerns about banking access for crypto and digital asset businesses.
The letter, sent by APPG Co-Chairs Gurinder Singh Josan CBE MP and Lord Vaizey of Didcot, comes as the group’s Parliamentary Inquiry into Access to Banking Services for the UK Crypto and Digital Assets Sector gathers evidence from across the industry.
The APPG said it had received reports of crypto and digital asset firms struggling to open bank accounts, alongside restrictions introduced by some banks on crypto-related payments and transactions.
The group warned that limited access to banking could become a significant barrier to growth for UK digital asset businesses and potentially undermine the country’s ambitions to establish itself as a leading regulated crypto market.
The letter asks banks to outline their policies towards UK crypto and digital asset businesses, including whether they provide banking services to firms in the sector, any restrictions placed on crypto-related transactions and the factors that influence their decisions.
The APPG also asks whether the UK’s forthcoming crypto regulatory regime is expected to change banks’ approach to Financial Conduct Authority (FCA)-authorised digital asset firms.
The group acknowledged that banks have legal and regulatory obligations around financial crime and consumer protection.
However, it said banking decisions should increasingly reflect the individual risk profile of a business rather than simply the sector in which it operates as the UK moves towards a comprehensive regulatory framework.
The issue has also received attention from the UK government.
Economic Secretary to the Treasury Lucy Rigby MP said earlier this year that the Government would not expect FCA-authorised crypto firms to face banking restrictions simply because they operate within the sector.
The APPG launched its banking access inquiry last month, seeking evidence from banks, digital asset businesses, regulators and other stakeholders.
Written submissions are open until 31 August 2026, with the group expected to publish a report containing its findings and recommendations to Government.
Find our more here: Crypto and Digital Assets APPG launches Parliamentary Inquiry into Access to Banking Services for the UK Crypto and Digital Assets Sector – CryptoUK
