UK Parliament begins inquiry into banking chokepoint for crypto businesses
The cross-party probe will hear evidence from banks, payments firms and crypto companies after surveys found 40% of transactions were blocked or delayed.
- UK lawmakers launched an inquiry into crypto banking access issues on Tuesday, July 21, 2026. Chaired by Lord Vaizey of Didcot and Labour MP Gurinder Singh Josan CBE, the All-Party Parliamentary Group seeks evidence on account closures and payment blocks.
- Banking barriers persist for crypto firms, as a January survey by the UK Cryptoasset Business Council found 70% of respondents reported increased hostility. One platform reported almost £1 billion in rejected transactions during 2025.
- Accepting written submissions until August 31, the inquiry will also compare the UK's approach with jurisdictions like the United States, Hong Kong, Australia, and the European Union. This comparative analysis will inform recommendations.
- While HM Treasury Economic Secretary Lucy Rigby stated licensed firms should not face restrictions, the inquiry will examine why hurdles persist despite regulatory progress. This follows the UK's finalized Financial Conduct Authority crypto framework.
- Findings and recommendations are expected before the FCA's mandatory crypto regime begins in October 2027. These insights could influence future discussions between lawmakers, regulators, and the banking industry as the sector develops.
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12 Articles
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