Crypto and Digital Assets APPG Writes to CEOs of All Major UK Banks Over Banking Access Concerns
The UK Parliament’s Crypto and Digital Assets All-Party Parliamentary Group (APPG) has written to the Chief Executives of all major UK banks amid growing concerns that UK crypto and digital asset businesses continue to face significant difficulties accessing banking services.
The news was announced in an interview with the Financial Times published today, as the APPG steps up its Parliamentary Inquiry into Banking Access for the sector.
The ‘Dear CEO’ letter, sent by APPG Co-Chairs Gurinder Singh Josan CBE MP and Lord Vaizey of Didcot, asks banks to explain their approach to providing banking services to UK crypto and digital asset businesses, following reports that firms continue to face difficulties opening bank accounts and that several banks have introduced restrictions on crypto-related payments and transactions.
If you are a FT subscriber, you can read the interview here.
In the letter, APPG Co-Chairs Gurinder Singh Josan CBE MP and Lord Vaizey of Didcot, said:
“We have heard of repeated instances where crypto and digital asset firms have struggled to open accounts with UK banks. We have similarly heard reports that several banks have introduced restrictions on crypto-related payments and transactions.”
“Access to banking services could be one of the single biggest barriers to growth for UK crypto and digital asset businesses, and could potentially undermine the success of the UK’s forthcoming crypto regime. We are concerned that limited banking access could ultimately make it harder for licensed firms to grow and could impact the decisions of firms considering investing in the UK.”
They added:
“We are aware that other sectors have also experienced difficulties in accessing banking services; however, the issue would appear to be particularly acute for businesses operating in the crypto and digital asset sector.”
The letter recognised that banks do have important legal and regulatory responsibilities to prevent financial crime and protect consumers. However, the APPG noted that, as the UK introduces its comprehensive regulatory framework for crypto and digital assets, many firms believe banking decisions should increasingly be based on a firm’s individual risk profile, rather than simply the sector in which it operates.
The full ‘Dear CEO’ letter can be read here.
Growing Focus on Banking Access
Earlier this year, the UK Government acknowledged that crypto firms are facing challenges in accessing banking services. In March 2026, Lucy Rigby MP, the Economic Secretary to the Treasury, told Parliament that, under the UK’s new crypto regulatory regime, FCA-authorised crypto firms should not face banking restrictions solely because they operate in the crypto and digital asset sector.
It also comes as the APPG’s Parliamentary Inquiry into banking access gathers evidence from across the industry.
Parliamentary Inquiry Open To End Of August
Last month, the APPG launched its Parliamentary Inquiry into Access to Banking Services for the UK Crypto and Digital Assets Sector, which is examining the scale of banking access challenges facing the industry, their impact on UK businesses, the factors driving them, and whether further action may be needed.
The Inquiry is inviting written evidence from banks, crypto and digital asset businesses, regulators and other interested stakeholders until 31 August 2026, before publishing a report setting out its findings and recommendations to Government.
Further information about the Inquiry is available here.
To find out more about the Crypto and Digital Assets APPG or how to get involved, please visit the APPG page.
