1 month ago
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Key Takeaways
- The APPG wants banks to explain access policies.
- FCA approval will not guarantee bank accounts.
- Banks retain their own financial-crime obligations.
- Risk assessment sits at the heart of the dispute.
APPG Puts Crypto Banking Access Under Scrutiny
The Crypto and Digital Assets All-Party Parliamentary Group has written to the chief executives of major UK banks asking them to explain how they provide banking services to crypto businesses and what drives decisions to refuse or close accounts. Its August 11 “Dear CEO” letter, signed by co-chairs Gurinder Singh Josan CBE MP and Lord Vaizey of Didcot, follows reports from digital asset companies that opening and maintaining UK bank accounts remains difficult.
Banks are being asked which crypto businesses they currently serve, what factors influence refusals, what restrictions they place on cry...
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