The U.K.’s Crypto and Digital Assets All-Party Parliamentary Group (APPG) is examining banks that have declined to provide accounts to crypto firms or have placed limits on crypto-related transactions.
U.K. lawmakers have launched a cross-party inquiry to determine how far banks may have restricted cryptocurrency businesses by denying access to banking services and tightening controls on crypto payments. The investigation, which began on Tuesday, seeks to assess whether financial institutions have effectively constrained the growth of the sector.
The APPG is jointly led by Ed Vaizey, a former Digital Economy Minister and member of the House of Lords, and Labour MP Gurinder Singh Josan, according to an official release.
Access to banking has long been a challenge for the crypto industry. Firms and individuals have reported ongoing issues securing accounts, with similar trends in the U.S. often described as “Operation Chokepoint 2.0.”
The APPG noted that several major U.K. banks have introduced restrictions on crypto-related payments. The inquiry will therefore focus on the limited availability of banking services for crypto businesses, as well as the impact on related services such as insurance.
It will also review how banks are enforcing transaction limits, including blocking payments to certain crypto platforms or capping transfers. The group aims to evaluate whether these measures are proportionate and to understand their effects on consumers, businesses, innovation, and competition.
“Over a number of years, the APPG has consistently heard from crypto and digital asset firms about the difficulties they face in accessing banking services, along with concerns around restrictions on crypto transactions,” Vaizey said.
The APPG has opened a six-week evidence-gathering process, inviting input from stakeholders across banking, payments, fintech, and crypto sectors. The inquiry will conclude with a report outlining its findings and policy recommendations for the government.
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