UK lawmakers are pressing major banks to explain why crypto firms and crypto-related payments are still being capped, blocked, or treated as a problem they would rather not touch, even as the country prepares a full crypto authorization regime for 2027. The move forms part of a wider parliamentary inquiry into whether banking restrictions are holding back the sector.
On 11 August 2026, the co-chairs of the Crypto and Digital Assets All-Party Parliamentary Group (APPG) — Labour MP Gurinder Singh Josan CBE and Lord Vaizey of Didcot, a Conservative peer and former digital economy minister — sent a “Dear CEO” letter to the heads of the country’s largest lenders. The correspondence seeks detailed explanations of each institution’s policies toward crypto and digital asset businesses.
The lawmakers reported receiving consistent accounts of firms encountering repeated obstacles when attempting to open or retain bank accounts. They also noted that several high-street and challenger banks have imposed limits or outright bans on payments and transfers linked to cryptocurrency platforms. Institutions frequently mentioned in connection with such restrictions include HSBC, Nationwide, NatWest, Santander UK and Starling Bank.
In the letter, the co-chairs described access to basic banking facilities as potentially “one of the single biggest barriers to growth” for UK-based crypto enterprises. They expressed concern that restricted services could hinder the development of licensed firms and deter international companies from locating or investing in Britain.