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UK lawmakers launch probe into banks choking off crypto businesses
The six-week call for evidence will examine how banks are applying account refusals and limits on crypto payments, and assess the impact on consumers and competition.
CoinDesk reports that the UK’s Crypto and Digital Assets All-Party Parliamentary Group, or APPG, has kicked off a cross party inquiry into whether banks are effectively cutting off cryptocurrency firms from banking services and restricting crypto-related transactions.
The APPG, chaired by Lord Vaizey of Didcot and Labour MP Gurinder Singh Josan CBE, is inviting written evidence from the banking, payments, fintech and crypto sectors over six weeks. The group plans to publish a report with findings and recommendations for the UK government.
According to the initiative, lawmakers are focusing on a lack of bank accounts for crypto businesses, including related services such as insurance. The inquiry will also look at measures that some banks may be using, including blocking payments to certain crypto firms or imposing transfer limits.
The APPG says it wants to understand how restrictions are being applied, whether they are proportionate, and what effect they have on consumers, businesses, innovation and competition. Lord Vaizey said the group has heard consistent reports over several years about difficulties accessing bank accounts and banking services.