Core Summary
The UK’s Crypto and Digital Assets All-Party Parliamentary Group has launched a formal inquiry into the banking access difficulties faced by crypto businesses. The investigation focuses on banks that refuse accounts to compliant crypto firms or impose restrictive limitations on crypto-related transactions, creating a de facto banking bottleneck for the industry.
Brief Details
The inquiry found that even crypto companies holding FCA compliance licenses struggle to obtain bank accounts. Multiple banks have adopted “de-risking” strategies, either rejecting applications outright or closing existing accounts and imposing strict transfer limits.
The parliamentary group will hear evidence from crypto firms, banks, regulators, and academics, with a report expected within months. The issue is not unique to the UK, with similar banking access challenges reported in the US and Canada.
Editor: GoodInfo Global News Team