A group of UK politicians question banks over refusal to provide services to crypto firms

The Crypto and Digital Assets All Party Parliamentary Group (APPG) has written to the Chief Executives of all major UK banks over barriers to banking services for UK crypto and digital asset businesses.

The UK Parliament’s Crypto and Digital Assets All-Party Parliamentary Group (APPG) has written to the Chief Executives of all major UK banks amid growing concerns that UK crypto and digital asset businesses continue to face significant difficulties accessing banking services.

The ‘Dear CEO’ letter, sent by APPG Co-Chairs Gurinder Singh Josan CBE MP and Lord Vaizey of Didcot, asks banks to explain their approach to providing banking services to UK crypto and digital asset businesses, following reports that firms continue to face difficulties opening bank accounts and that several banks have introduced restrictions on crypto-related payments and transactions.

In the letter, the authors said: “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.”

“Access to banking services could be one of the single biggest barriers to growth for UK crypto and digital asset businesses, and could potentially undermine the success of the UK’s forthcoming crypto regime. 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.”

They added:

“We are aware that other sectors have also experienced difficulties in accessing banking services; however, the issue would appear to be particularly acute for businesses operating in the crypto and digital asset sector.”

The letter recognised that banks do have important legal and regulatory responsibilities to prevent financial crime and protect consumers. However, the APPG noted that, as the UK introduces its comprehensive regulatory framework for crypto and digital assets, many firms believe banking decisions should increasingly be based on a firm’s individual risk profile, rather than simply the sector in which it operates.

The full ‘Dear CEO’ letter can be read here.

The ‘Dear CEO’ letter asks banks to explain their approach to providing banking services to UK crypto and digital asset businesses, following reports that firms continue to face difficulties opening bank accounts and that several banks have introduced restrictions on crypto-related payments and transactions.

The letter follows the launch of the APPG’s Parliamentary Inquiry into Access to Banking Services for the UK Crypto and Digital Assets Sector last month, which is examining the scale of these challenges, their impact on UK businesses, the factors driving them, and whether any further action may be needed. The APPG’s Parliamentary Inquiry remains open for written evidence until 31 August 2026.

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