UK parliamentarians question banks over refusal to provide services to crypto firms
The co-chairs of the Crypto and Digital Assets All-Party Parliamentary Group, Gurinder Singh Josan MP and Lord Vaizey, have penned the letter, raising their concerns that access to banking could be “one of the single biggest barriers” to the UK crypto sector and potentially undermine the country’s upcoming digital asset regime.
The letter says that “we have heard of repeated instances where crypto and digital asset firms have struggled to open accounts with UK banks. We have similarly heard reports that several banks have introduced restrictions on crypto-related payments and transactions.”
A host of banks – including HSBC, NatWest, Monzo and Nationwide – enforce limits on how much their customers can send to crypto exchanges.
The letter continues: “We are concerned that limited banking access could ultimately make it harder for licensed firms to grow and could impact the decisions of firms considering investing in the UK.”
