The U.K.’s Crypto and Digital Assets All-Party Parliamentary Group has reached out to banks to clarify their policies regarding banking services for crypto and digital asset enterprises.
By Ian Allison|Edited by Sheldon Reback59 min ago1 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on (Shutterstock)SummaryShow- The Crypto and Digital Assets All-Party Parliamentary Group highlighted ongoing challenges faced by crypto and digital asset companies in securing accounts with U.K. banks.
- Notable banks imposing restrictions on crypto transactions include HSBC, Nationwide, NatWest, Santander, and Starling.
A parliamentary group in the U.K. has sent a letter to the leaders of major banks addressing the insufficient banking services available to crypto companies.
The letter, titled "Dear CEO," was signed by Gurinder Singh Josan and Ed Vaizey, co-chairs of the Crypto and Digital Assets All-Party Parliamentary Group (APPG), urging banks to clarify their strategies for offering banking services to crypto and digital asset firms in the U.K.
Josan, a Labour MP, and Vaizey, a Conservative peer, expressed concern in their letter, stating, "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."
Among the banks that have imposed such restrictions are HSBC, Nationwide, NatWest, Santander UK, and Starling Bank.
Since the inception of cryptocurrency, many firms have encountered challenges in establishing banking relationships, with a systematic debanking trend impacting firms and individuals, particularly in the U.S., referred to as “Operation Chokepoint 2.0.”
The APPG indicated that limited access to banking services could be one of the most significant obstacles to the growth of U.K. crypto and digital asset companies and might jeopardize the effectiveness of the country’s upcoming crypto regulatory framework.
"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 U.K.," the group stated.
Read more: UK Parliament begins inquiry into banking chokepoint for crypto businesses
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