U.K. politicians have launched a cross-party inquiry to find out how much the country’s banks have restricted cryptocurrency firms by refusing them bank accounts and placing restrictions on crypto-related payments.
According to a press release, the Crypto and Digital Assets All-Party Parliamentary Group (APPG) is led by Ed Vaizey, a former Minister for the Digital Economy and member of the House of Lords, along with Labour MP Gurinder Singh Josan.
Since the launch of cryptocurrency, it has been difficult for people and companies in the industry to get banking services. In the U.S., this widespread denial of banking is often called “Operation Chokepoint 2.0.”
The APPG said in a statement that several major U.K. banks have also put restrictions on crypto-related payments. The inquiry will look at the lack of bank accounts for crypto businesses and related services like insurance.
The APPG will also examine how banks restrict crypto-related transactions. There are concerns that some banks have blocked payments to certain crypto firms or set transfer limits. The inquiry aims to find out how these rules are used, if they are fair, and how they affect consumers, businesses, innovation, and competition, according to the APPG.
“Over a number of years, the APPG has heard consistent reports from crypto and digital asset businesses that they face difficulties accessing bank accounts and banking services, alongside concerns about restrictions on crypto-related transactions by banks,” Vaizey said.
The APPG is asking for written evidence from people in banking, payments, fintech, and crypto over the next six weeks. After that, they will publish a report with their findings and recommendations for the government.
THE BLOCK: The UK Parliament’s cross-party group for digital assets has launched an inquiry into banking access for the local crypto sector.
The probe will examine difficulties opening/retaining bank accounts and bank restrictions on crypto transactions. pic.twitter.com/tpv1DNlXl0
— The Block (@TheBlockCo) July 21, 2026
Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV
You need to login in order to Like
Leave a comment