Debanking of crypto companies in Britain: Parliament takes matters into its own hands
The UK is launching a serious investigation into a problem that has been poisoning the local crypto sector for years — systematic restrictions on access to banking services. The cross-party All-Party Parliamentary Group (APPG) on Digital Assets has officially launched a review of how banks and payment services treat companies in the industry.
The essence of the investigation is to identify the real barriers faced by crypto businesses. This includes mass refusals to open accounts, transaction blocks, and unjustified closure of banking relationships. The problem is so acute that some companies are forced to operate through dubious jurisdictions or even cease operations in the country.
The deadline for submitting materials for banks, payment providers, and market participants is set for August 31. After collecting the data, the group will issue official recommendations that could form the basis of future legislative changes. This is not just a consultation — it is a signal to regulators and financial institutions that the patience of the City of London is running out.
My expert assessment: The British market is already losing competitiveness due to the overly strict stance of banks, which fear even the slightest risk. If the parliamentary group achieves real reforms — for example, obligating banks to justify refusals in writing and introduce transparent verification criteria — this could set a precedent for all European crypto regulation. For now, the industry is holding its breath: too much is at stake.