Banks blocking crypto? UK MPs want to see the receipts 📜

A United Kingdom parliamentary group has launched an inquiry into whether crypto businesses and consumers face barriers to banking services, including account access and restrictions on crypto-related transactions. The Crypto and Digital Assets All-Party Parliamentary Group (APPG) said Monday it would examine how the restrictions affect investment, competition and economic growth, and whether they are proportionate.

The inquiry is open to written submissions from banks, payment providers, crypto firms and other stakeholders until Aug. 31. The APPG plans to publish its findings and recommendations after the submission window closes.

The inquiry follows a January survey by the UK Cryptoasset Business Council, in which 10 crypto exchanges reported that banks blocked or delayed 40% of transactions to crypto platforms. According to the survey, 70% of respondents said the restrictions had reduced their willingness to invest, expand or hire in the UK.

The probe comes as the Financial Conduct Authority prepares to begin accepting authorization applications from crypto firms on Sept. 30. Separately, the London Stock Exchange is weighing an overnight trading launch in 2027, according to a Financial Times report.