Britain's Crypto and Digital Assets All-Party Parliamentary Group opened a formal banking inquiry on July 21, 2026, targeting account restrictions, blocked transfers, and outright closures that digital asset firms say are becoming routine. Written submissions from banks, payment providers, fintechs, crypto companies, academics, and consumer groups remain open until August 31.
The APPG is looking at whether banking controls on crypto-related payments are proportionate to actual fraud and financial crime risks, or whether they have gone further than regulators intended. Some businesses told the group they could not open or keep bank accounts at all. Others reported being cut off from merchant services, payment rails, insurance, and professional support.
What the inquiry is actually asking
Lawmakers want concrete evidence: practical examples, supporting documents, and views on the legal, regulatory, and commercial reasons behind restricted access. The inquiry specifically examines how banks decide to block transfers to particular platforms and how they set customer transaction limits. According to Lord Vaizey of Didcot, who co-chairs the group alongside Labour MP Gurinder Singh Josan, firms have been raising banking access concerns repeatedly, and this inquiry is an attempt to get the full picture from both sides of the argument.
That last point matters. The inquiry is deliberately broad, inviting banks and payment providers to explain their own compliance logic, customer-risk assessments, and transaction policies, not just collecting grievances from crypto businesses.
The APPG carries no legislative power. UK Parliament classifies these groups as informal, cross-party bodies that cannot pass laws or issue binding orders. Still, their final reports do land on desks at government departments and parliamentary committees, and the 2022-2023 inquiry into British crypto policy, which also flagged banking access as a barrier, is widely credited with shaping the current regulatory push. The new inquiry widens that evidence base considerably. No publication date for the final report has been set.
This article is for informational purposes only and does not constitute financial or investment advice.
