The APPG acknowledged that banks carry important legal and regulatory duties to combat financial crime and safeguard customers. However, the group stressed that many digital asset companies argue decisions should rest on an individual firm’s risk profile rather than a blanket approach based solely on the sector.
The timing is hard to miss. The Financial Conduct Authority has already set out the UK’s final crypto framework, with firms able to apply for authorization from Sept. 30, 2026 until Feb. 28, 2027. The regime is expected to become mandatory on Oct. 25, 2027.
That puts the UK on the path from patchy oversight to a fuller regulatory system. But a clean rulebook means very little if companies still cannot get a bank account, run payroll, or move money like a normal business.
Research published by the UK Cryptoasset Business Council found that roughly 40% of domestic payments to crypto exchanges are either blocked or delayed by British banks. One platform reported nearly £1 billion in rejected transactions over the course of 2025. Every single exchange surveyed said banks offer no explanation when payments are declined.
The APPG is asking banks some straightforward questions. Do they currently offer accounts to crypto firms? If not, why not? What limits do they place on crypto-related payments? What factors shape those policies? Would future UK crypto rules change their approach? And what could government or regulators do to help banks serve legitimate businesses without opening the door to fraud and abuse?