UK Lawmakers Write to Bank CEOs Over Crypto Account Refusals

RegulationDigital Finance
โดย Financial Times·GB·Read original
Summary · why it matters

The co-chairs of Parliament's Crypto and Digital Assets All-Party Parliamentary Group have written to the chief executives of every major UK bank, asking them to explain how they treat crypto and digital asset firms. The letter, sent Tuesday by Labour MP Gurinder Singh Josan and Lord Vaizey of Didcot, says the group has heard repeated instances where crypto and digital asset firms have struggled to open accounts with UK banks, alongside reports that several banks have restricted crypto-related payments. The co-chairs put six questions to each bank, covering policy, current service to crypto firms, transaction limits, driving factors, the impact of the incoming regime, and what the Government or regulators could do to help. UK banks including HSBC, Nationwide, NatWest, Santander and Starling have curbed crypto-related payments in recent years, with research from the UK Cryptoasset Business Council in January finding that banks were blocking or delaying an estimated 40% of attempted transfers to crypto exchanges. HM Treasury has already conceded the problem, with Economic Secretary Lucy Rigby telling Parliament in March that under the new regime the Government would not expect FCA-licensed firms to face restrictions from banks simply because of the sector they belong to.

Impact on stocks 4

Financials▼ · 3 stocks
HSBC Holdings PLC
HSBA
▼ NegativeRegulationrelevance

Letter asks banks to explain crypto account policies, potentially leading to regulatory pressure.

Nationwide Building Society
NBS
▼ NegativeRegulationrelevance

Letter asks banks to explain crypto account policies, potentially leading to regulatory pressure.

NatWest Group PLC
NWG
▼ NegativeRegulationrelevance

Letter asks banks to explain crypto account policies, potentially leading to regulatory pressure.

Digital Finance & Tokenization▼ · 1 stocks
Banco Santander S.A.
BNC
▼ NegativeRegulationrelevance

Letter asks banks to explain crypto account policies, potentially leading to regulatory pressure.

Theme Impact 1

Off-coverage companies 1

Starling Bank LimitedPrivate▼ Negative
Regulationrelevance

Letter asks banks to explain crypto account policies, potentially leading to regulatory pressure.

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