A cross-party group of UK lawmakers is launching an inquiry into why banks routinely block accounts and payments for crypto firms, and whether the practice is holding the sector back. The probe, announced Tuesday, will examine the extent of de-banking and its impact on the UK's digital asset industry.
The scope of the inquiry
The parliamentary group plans to look at the reasons banks give for refusing services to crypto businesses. It will also assess whether the current approach is proportionate or if it's pushing legitimate firms offshore. The inquiry will hear from both banks and crypto companies, though a timeline for hearings has not yet been set.
Crypto firms in the UK have long complained that they struggle to open or maintain bank accounts. Several have publicly blamed the lack of banking access for scaling back operations or relocating to friendlier jurisdictions. The timing of the inquiry — coming amid a broader push to position the UK as a crypto hub — suggests lawmakers are worried the banking bottleneck is undermining that ambition.
What happens next
The group is expected to issue a call for written evidence in the coming weeks. That will be followed by oral sessions with industry representatives, regulators and bank executives. The final report, likely months away, could recommend changes to regulatory guidance or even legislation if the inquiry finds banks are acting unfairly.
