UK lawmakers question lenders over lack of banking for the country’s crypto firms

Summary

The Crypto and Digital Assets All-Party Parliamentary Group noted repeated instances where crypto and digital asset firms have struggled to open accounts with U.K. banks.

Banks with restrictions on crypto-related payments include HSBC, Nationwide, NatWest, Santander and Starling.

A U.K. parliamentary group wrote to the bosses of the country’s largest lenders about the lack of banking services for crypto firms.

The “Dear CEO” letter, signed by co-chairs of the Crypto and Digital Assets All-Party Parliamentary Group (APPG), Gurinder Singh Josan and Ed Vaizey, asked banks to explain their approach to providing banking services to U.K. crypto and digital asset businesses.

“We have heard of repeated instances where crypto and digital asset firms have struggled to open accounts with U.K. banks. We have similarly heard reports that several banks have introduced restrictions on crypto-related payments and transactions,” Josan, a Labour MP, and Vaizey, a Conservative peer, wrote in the letter.

British banks that have introduced restrictions on crypto-related payments include HSBC, Nationwide, NatWest, Santander UK and Starling Bank.

Ever since crypto came into being, difficulties around attaining banking relationships have made life hard for industry participants, with the systematic debanking of firms and individuals, particularly in the U.S., being referred to as “Operation Chokepoint 2.0.”

Access to banking services could be one of the single biggest barriers to growth for U.K. crypto and digital asset businesses, and could potentially undermine the success of the country’s forthcoming crypto regime, APPG said.

“We are concerned that limited banking access could ultimately make it harder for licensed firms to grow and could impact the decisions of firms considering investing in the U.K.,” it said.

Read more: UK Parliament begins inquiry into banking chokepoint for crypto businesses

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