UK lawmakers have opened a new inquiry into whether banks are unfairly limiting access to financial services for cryptocurrency businesses, as concerns over account closures and payment restrictions continue to grow across the industry.
The UK Crypto and Digital Assets All-Party Parliamentary Group (APPG) announced on Tuesday that it is seeking evidence from banks, payment providers, fintech companies, crypto firms and other industry participants. The inquiry will accept written submissions over the next six weeks before publishing a report with recommendations for the UK government.
The Crypto & Digital Assets APPG has today launched a Parliamentary Inquiry into access to banking services for the UK’s crypto and digital assets sector.
The APPG is Westminster’s leading cross-party group on crypto and digital assets, co-chaired by Lord Vaizey of Didcot… pic.twitter.com/uk3x7caV3Z
— Crypto & Digital Assets APPG (@cryptoappg) July 21, 2026
The cross-party group, chaired by Lord Vaizey of Didcot and Labour MP Gurinder Singh Josan, will examine whether banks’ approach to crypto businesses is proportionate and whether current practices are affecting competition, innovation and access to financial services.
Why the UK lawmakers are investigating banks
The inquiry follows years of complaints from crypto companies that they have struggled to open or maintain business bank accounts despite operating within legal and regulated frameworks.
Lawmakers will investigate reports of account closures, banking service denials and restrictions on crypto-related payments. The review will also cover claims that businesses connected to the crypto industry, including insurers and other service providers, have faced similar challenges.
The APPG said it also wants to understand how banks assess the risks associated with digital assets and whether existing policies are creating unnecessary barriers for legitimate businesses.
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Banking restrictions remain a big challenge for crypto firms
The inquiry shows a long-running issue for the crypto industry, where access to banking has often lagged behind regulatory progress. Even as more digital asset companies obtain licenses and comply with anti-money laundering rules, many still report difficulties securing reliable banking services needed for payroll, client funds and daily operations.
For many crypto businesses, banking access has become just as important as regulation. Without stable banking relationships, firms can struggle to expand services, attract institutional clients or compete with traditional financial companies. The APPG’s review could help determine whether existing banking practices are keeping pace with the UK’s broader ambition to become a global hub for digital assets.
Inquiry comes as UK expands crypto framework
The banking review comes as the UK continues developing its digital asset regulations.
Earlier this month, Chancellor Rachel Reeves announced plans for the UK’s first Digital Gilt Instrument (DIGIT), a blockchain-based government bond expected to launch by early 2027 through HSBC’s Orion platform under the Digital Securities Sandbox.
The inquiry also follows a UK-US policy framework supporting regulated stablecoins and tokenized finance. Additionally, The UK’s FCA finalized its long-awaited crypto regulatory framework, setting out new rules for trading platforms, stablecoin issuers, custodians and other digital asset businesses ahead of a mandatory authorization regime that begins in 2027.
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