Overview
- The Crypto and Digital Assets APPG sent 'Dear CEO' letters to major UK bank chiefs on Aug. 11 asking them to explain how they treat crypto and digital-asset businesses.
- The letter poses six questions that seek each bank's policy on serving crypto firms, whether they refuse accounts, any transaction limits they apply, the reasons for those rules, whether the new FCA regime would change their approach, and what government action could help.
- Reporting shows several big lenders have imposed retail payment limits or bans, with banks such as HSBC, NatWest and Monzo using monthly caps reported between about £5,000 and £10,000 and others like Starling and Chase UK blocking crypto payments.
- The FCA finalized a new authorization framework in June with applications opening Sept. 30, 2026 and the regime becoming mandatory Oct. 25, 2027, and HM Treasury has said it would not expect authorised firms to face sector-based restrictions.
- The APPG is collecting written evidence until Aug. 31, will publish findings for government, and its inquiry aims to clarify whether banks need clearer guidance or policy changes because banks retain final discretion and firms have no legal right to a business account.