UK Parliamentary Group Launches Inquiry into Banking Restrictions on Crypto Firms
The UK's Crypto and Digital Assets All-Party Parliamentary Group (APPG) begins an inquiry focused on banks refusing accounts to cryptocurrency businesses and imposing transaction restrictions. The inquiry invites written evidence from various sectors and aims to understand the impact of these restrictions on the crypto ecosystem, according to CoinDesk.
The Crypto and Digital Assets All-Party Parliamentary Group (APPG) in the United Kingdom has initiated an inquiry into the banking practices affecting cryptocurrency businesses. This inquiry is focusing on banks that have either denied bank accounts to crypto firms or have introduced limitations on cryptocurrency transactions.
Chaired by Lord Vaizey of Didcot and Labour MP Gurinder Singh Josan CBE, the APPG is seeking written evidence from various sectors, including banking, payments, fintech, and crypto, over the next six weeks. The findings will culminate in a report with recommendations directed at the UK Government.
The inquiry addresses growing concerns over what has been termed "Operation Chokepoint 2.0," a systematic effort to debank cryptocurrency firms and individuals, notably seen in the United States. In the UK, several major banks have reportedly implemented restrictions that affect crypto-related payments, with some banks blocking payments to specific crypto companies or placing limits on transfers.
"Over a number of years, the APPG has heard consistent reports from crypto and digital asset businesses that they face difficulties accessing bank accounts and banking services, alongside concerns about restrictions on crypto-related transactions by banks," said Lord Vaizey of Didcot, highlighting the persistent issues faced by the industry.
This inquiry is critical as it seeks to gauge the proportion and impact of banking restrictions on consumers and businesses involved in the cryptocurrency space, which are vital for fostering innovation and competition in the market. Furthermore, the APPG's efforts come at a time when the global landscape for digital assets is becoming increasingly complex, amid calls for more supportive frameworks that promote growth within the sector.
As the inquiry progresses, stakeholders will be keenly observing the outcomes of the APPG's findings and how they might influence future legislative and regulatory approaches toward the rapidly evolving cryptocurrency industry in the UK.
Summary based on original reporting by Ian Allison at CoinDesk, originally published Jul 21, 2026. SolanaWire does not republish source content.
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