UK Parliamentary Group Launches Inquiry into Bank Debanking of Crypto Firms Ahead of 2027 FCA Deadline
The UK Parliament's Crypto and Digital Assets All-Party Parliamentary Group (APPG) has launched a formal inquiry into why banks refuse to open accounts and block payments for crypto businesses. Co-chaired by Lord Vaizey and Labour MP Gurinder Singh Josan, the inquiry will accept written evidence until August 31 and aims to publish recommendations before the FCA's mandatory crypto regime begins in October 2027. Research from the UK Cryptoasset Business Council found roughly 40% of payments to crypto exchanges were blocked or delayed by UK banks, with one platform reporting almost £1 billion in rejected transactions during 2025. The inquiry will examine why FCA-registered businesses continue facing banking hurdles despite regulatory progress, and will compare the UK's approach with the US, Hong Kong, Australia, and the European Union. The move tests whether the UK's ambition to become a global digital asset hub can survive banking restrictions, especially as the new government under Prime Minister Andy Burnham takes office.
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