A cross-party group of UK lawmakers has opened an inquiry into banking restrictions that are hitting crypto companies and their customers. The Crypto and Digital Assets All-Party Parliamentary Group (APPG) said it will assess whether account closures, payment blocks and transfer limits are undermining Britain's ambitions to become a digital asset hub.
What the inquiry covers
The APPG is seeking evidence on the barriers crypto firms face when trying to access banking services. That includes account closures, payment blocks, and transfer limits. The group wants to know how widespread these restrictions are and whether they're justified or simply a form of de-risking. It's also asking for examples from individual customers who have been affected.
The UK government has repeatedly said it wants to make the country a global centre for crypto and digital assets. But if crypto companies can't get or keep bank accounts, that ambition hits a wall. The inquiry will look at whether current banking practices are compatible with that goal. The APPG said it is concerned that such restrictions could stifle innovation and drive crypto businesses overseas.
Who's involved
The Crypto and Digital Assets APPG is a cross-party group of MPs and peers. It's not a government body, but its inquiries can influence policy. The group is now calling for written evidence from anyone affected — companies, customers, and industry bodies. The chair of the APPG has not been named in the announcement, but the group typically includes members from both the Conservative and Labour parties.
Next steps
The APPG hasn't set a deadline for submissions yet, but it's expected to hold hearings and publish a report. For now, it's asking for real-world examples of banking restrictions. The outcome could shape how UK banks treat crypto clients going forward. The group said it will use the evidence to make recommendations to the government and financial regulators.
