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UK lawmakers demand answers on crypto banking access
U.K. MPs demand banks explain refusal of accounts to crypto firms, warning restricted access could undermine the country's upcoming digital asset regime.
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A U.K. parliamentary group has written to the country's largest lenders demanding explanations for what it calls a systemic lack of banking services for crypto firms.
The letter, signed by Labour MP Gurinder Singh Josan and Conservative peer Ed Vaizey – co-chairs of the Crypto and Digital Assets All-Party Parliamentary Group (APPG) – asks banks to detail their policies on providing accounts to crypto and digital asset businesses.
“We have heard of repeated instances where crypto and digital asset firms have struggled to open accounts with U.K. banks. We have similarly heard reports that several banks have introduced restrictions on crypto-related payments and transactions,” the MPs wrote.
British banks that have imposed such restrictions include HSBC, Nationwide, NatWest, Santander UK and Starling Bank, the letter noted.