UK Parliament begins inquiry into banking chokepoint for crypto businesses

Policy UK Parliament begins inquiry into banking chokepoint for crypto businesses The UK’s Crypto and Digital Assets All-Party Parliamentary Group (APPG) is focused on banks that refused crypto firms accounts or introduced restrictions on crypto transactions. By Ian Allison | Edited by Shaurya Malwa Jul 21, 2026, 6:15 a.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Westminster, home of the UK government (Shutterstock) Summary Show The APPG is inviting written evidence from across the banking, payments, fintech and crypto sectors over a six-week call for evidence. The inquiry will then publish a report setting out its findings and recommendations to the UK Government. UK politicians want to know the extent to which the country’s banks have choked-off cryptocurrency firms by refusing them bank accounts and introducing restrictions on crypto-related payments, in a cross-party inquiry kicked off on Tuesday. The UK’s Crypto and Digital Assets All-Party Parliamentary Group (APPG) is chaired by Lord Vaizey of Didcot, the former UK Government Minister for the Digital Economy, and Labour MP Gurinder Singh Josan CBE, according to a press release. Ever since crypto came into being, difficulties around attaining banking relationships have made life hard for players in the space, with a systematic debanking of firms and individuals, particularly in the U.S. being referred to as “Operation Chokepoint 2.0.” Several major UK banks have also introduced restrictions on crypto-related payments, the APPG said in a statement. As such the inquiry will focus on a dearth of bank accounts for crypto businesses, including associated professional services such as insurance. The APPG will also look at restrictions placed by banks on crypto-related transactions, amid concerns that some UK banks have introduced measures such as blocking payments to certain crypto firms, or imposing transfer limits. The inquiry wants to understand how these restrictions are being applied, whether they are proportionate and what impact they have on consumers, businesses, innovation and competition, APPG said. "Over a number of years, the APPG has heard consistent reports from crypto and digital asset businesses that they face difficulties accessing bank accounts and banking services, alongside concerns about restrictions on crypto-related transactions by banks,” APPG co-chair Lord Vaizey of Didcot said. The APPG is inviting written evidence from across the banking, payments, fintech and crypto sectors over a six-week call for evidence before publishing a report setting out its findings and recommendations to the Government. Latest Crypto News 1 Bitcoin hits a two-week high near $65,500 as the chip trade turns back into a tailwind 42 minutes ago 2 Inside Cardano's 'Van Rossum' hard fork, and what it means for users 15 hours ago 3 Exodus to cut 25% of global workforce in payments shift 16 hours ago 4 AI compute stocks bounce as Hut 8, IREN land billions in new contracts 16 hours ago 5 Tom Lee's Bitmine slowed ether purchases as it bought back $86 million in stock 17 hours ago 6 Saylor's Strategy raises cash reserves to $3.2 billion, leaving bitcoin holdings unchanged 17 hours ago 7 Brazil’s securities regulator sets up task force with 60-day deadline for tokenization proposal 18 hours ago 8 A bitcoin 'volmageddon' may be brewing, key indicator suggests 19 hours ago 9 Bank of Korea prepares for live CBDC transactions with 9 banks in September 19 hours ago 10 Crypto market slips even as equities advance. Pump surges on social-media chatter 19 hours ago Latest Research Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B. By CoinDesk Research Jul 13, 2026 CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B. Why it matters : CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B. View Full Report More From Policy Brazil’s securities regulator sets up task force with 60-day deadline for tokenization proposal The GENIUS Act turns 1: State of Crypto France orders country's internet service providers to block Polymarket