UK legislators have launched an inquiry to assess how British banks are restricting crypto firms by denying them banking services and limiting crypto‑related transactions, a cross‑party investigation that began on Tuesday.
The United Kingdom’s Crypto and Digital Assets All‑Party Parliamentary Group (APPG), chaired by Lord Vaizey of Didcot — formerly the UK Digital Economy Minister — and Labour MP Gurinder Singh Josan CBE, announced the probe in a press release.
Since the emergence of digital currencies, many crypto entities have faced challenges in securing banking relationships, a trend that has been described in the United States as “Operation Chokepoint 2.0,” reflecting a broader pattern of debanking.
Recent statements from the APPG indicate that several major UK banks have imposed restrictions on crypto‑related payments, prompting the inquiry to examine the scarcity of banking accounts for crypto businesses and related professional services such as insurance.
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