UK Lawmakers Press Bank CEOs to Explain Crypto Account Refusals Ahead of New FCA Regime
A UK All-Party Parliamentary Group (APPG) has written to the CEOs of major banks demanding they explain their policies toward crypto firms seeking banking services, according to Decrypt.
The letters warn that lack of banking access could be one of the single biggest barriers to growth for the UK’s digital asset sector, Decrypt reported.
According to CoinDesk, the lawmakers are questioning lenders directly over the shortage of banking options available to crypto companies operating in the country.
The Block reported that the outreach comes ahead of a new regulatory regime for crypto set to be introduced by the Financial Conduct Authority (FCA). Lawmakers have asked banks to clarify how the incoming FCA framework might alter their current approach to serving digital asset firms, per The Block.
The letters add political pressure on banks that have been reluctant to offer accounts to crypto businesses, a longstanding complaint from industry participants who say de-banking has hampered their ability to operate in the UK.
Sources: Decrypt, CoinDesk, The Block
This article is for information only and is not financial advice.
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