UK Lawmakers Probe Banks Blocking 40% of Crypto Transfers as Crypto Restrictions Widen

The Crypto and Digital Assets All-Party Parliamentary Group (APPG) launched a six-week inquiry following reports that U.K. banks have blocked or delayed approximately 40% of cryptocurrency transfers to exchanges. The investigation, co-chaired by former digital economy minister Lord Vaizey and Labour lawmaker Gurinder Singh Josan, examines whether major lenders including HSBC, Nationwide, Natwest, Santander and Starling Bank are imposing excessive restrictions on crypto-related payments.

According to research by the U.K. Cryptoasset Business Council, 70% of surveyed exchanges reported that banking restrictions have affected their investment, hiring or expansion plans in the country. The APPG will accept written evidence until August 31 before publishing recommendations to the government.