The letter carries political weight but no regulatory force. UK Parliament describes APPGs as informal cross-party groups with no official status within Parliament. They can conduct inquiries, gather evidence and make recommendations, but they cannot order banks to provide accounts or set banking policy.
The APPG is accepting evidence for its crypto banking inquiry until Aug. 31. The core question is whether UK banks are applying payment restrictions proportionately, and if not, what is driving the blanket approach.
Even with the FCA regime set to become mandatory in 2027, the rules do not automatically guarantee access to bank accounts. Banks retain their own financial-crime obligations, and risk assessment sits at the heart of the dispute. The unresolved question is whether the incoming framework will change bank behaviour, or whether access to basic banking will remain the real bottleneck for UK crypto firms.
Sources: Source 1 · Source 2 · Source 3 · Source 4 · Source 5 · Source 6
