UK lawmakers launch cross-party inquiry into banking access restrictions for crypto firms, investigating whether account blocks are limiting sector growth.
Regulation & Gov ·
A cross-party group of UK lawmakers has initiated a parliamentary inquiry into barriers preventing crypto firms from accessing banking services, following research showing that UK banks blocked or delayed 40% of transfers to crypto exchanges. The investigation, led by Lord Vaizey of Didcot and Labour MP Gurinder Singh Josan, will assess whether account restrictions and payment curbs by institutions including HSBC, Nationwide, NatWest, Santander and Starling Bank are proportionate and whether they risk undermining the government's goal of positioning the UK as a leader in digital assets. The timing coincides with the country's new crypto regulatory framework coming into force and prior findings that 70% of surveyed exchanges reported the restrictions were damaging their UK investment and hiring plans.