UK Parliament investigates banks’ treatment of crypto businesses and payment limits

Inquiry focuses on banking access

The parliamentary examination centres on long-running complaints from crypto companies that opening and keeping business bank accounts has become increasingly difficult, even when those firms say they operate within legal and regulated frameworks. Lawmakers are looking at claims that some businesses in the sector have been denied banking services altogether or have had existing accounts closed.

The inquiry is also expected to cover businesses connected to the digital asset sector, not only crypto firms themselves. According to the parliamentary group behind the review, professional service providers such as insurers may also have encountered banking difficulties because of their links to the industry.

Payment restrictions under review

Alongside account access, lawmakers want to examine limits imposed on crypto-related transactions by several major UK banks. The review will consider how those restrictions are applied, whether they are proportionate to the risks banks say they are managing, and what impact they may be having on competition, innovation, businesses and retail customers.

The inquiry is designed to collect evidence from the banking and payments sectors on how financial institutions assess digital asset risk and whether current internal policies remain appropriate. Lord Vaizey said there have been consistent reports for years from crypto and digital asset businesses that they face problems accessing banking services and carrying out crypto-related transactions.

Evidence gathering before policy recommendations

After the consultation period, Parliament plans to publish a report setting out its conclusions and recommendations for policymakers. The findings could feed into future discussions among lawmakers, regulators and the banking industry as the UK continues to define its approach to digital assets and financial services.

The review broadens Parliament’s scrutiny of the digital asset sector at a time when the UK is still building out its regulatory framework. That wider work includes stablecoin rules and initiatives related to tokenized finance.

Broader backdrop for the UK crypto sector

Access to banking has been one of the crypto industry’s most persistent complaints across multiple jurisdictions, and the UK inquiry reflects concern that similar barriers may exist domestically. The parliamentary group did not directly compare Britain with the United States, but said banking access remains a recurring issue for the UK’s digital asset sector. By collecting submissions from financial institutions, payment providers and crypto companies, lawmakers aim to determine whether current banking practices are creating unnecessary obstacles for legitimate businesses.