UK Lawmakers Press Bank CEOs on Crypto Account Curbs

British crypto companies have long complained that banks deny or close business accounts and cap or block transfers to digital-asset platforms, even for firms registered with the Financial Conduct Authority. The issue matters because access to payments, payroll and insurance is essential for regulated businesses, while broad restrictions could curb competition and investment and undercut the government’s ambition to make the UK a global digital-assets hub as a new regulatory regime takes shape.

The Crypto and Digital Assets All-Party Parliamentary Group, co-chaired by Lord Vaizey of Didcot and Labour lawmaker Gurinder Singh Josan, opened a six-week call for evidence on July 21, 2026, with submissions due Aug. 31. A UK Cryptoasset Business Council survey found banks blocked or delayed about 40% of attempted transfers to exchanges, while 70% of respondents said the curbs hurt investment, expansion or hiring; one exchange reported nearly 1 billion pounds ($1.35 billion) of rejected transactions over a year. The FCA is due to accept authorization applications from Sept. 30, ahead of the regime’s Oct. 25, 2027 start.