The U.K.'s Crypto and Digital Assets All-Party Parliamentary Group has asked banks to explain their approach to providing banking services to crypto and digital asset businesses, putting lenders on the spot over a long-running complaint from the sector. The group, made up of MPs and peers from across parties, wants to understand the criteria banks use when deciding whether to take on or keep crypto clients.
What the group is asking
The group has formally requested that banks outline their policies, including how they assess risk, what due diligence they require, and under what circumstances they might refuse or terminate services. The request is part of the group's broader work on crypto regulation and market access. It's a direct ask, not a vague one — they want specifics on how banks treat digital asset businesses compared to other sectors.
Crypto firms have repeatedly said they struggle to get basic banking services, with some accounts closed without explanation. That can force businesses to operate with limited financial infrastructure or move overseas. The parliamentary group's request is a direct challenge to banks to justify their practices. It's not just about one bank or one case; it's about a systemic problem that has been simmering for years. The group's move signals that parliament is paying attention, and that could lead to more scrutiny or even legislative pressure down the line.
What happens next
The group hasn't set a public deadline for responses, but the request puts the onus on banks to explain themselves. Lenders will now have to decide how much detail to share, and the group's findings could inform future policy recommendations. For now, the ball is in the lenders' court. The group's next move will depend on what banks say, but the request itself is a clear signal that the access problem isn't going away.
