The United Kingdom’s Parliament has raised concerns about major banks’ policies towards providing banking services to cryptocurrency firms, with a letter signed by co-chairs of the Crypto and Digital Assets All-Party Parliamentary Group (APPG), Gurinder Singh Josan and Ed Vaizey. The letter demands clarity on why some crypto and digital asset companies have faced difficulties in opening accounts with British banks. They also highlight reports of restrictions on crypto-related payments from several major UK banks including HSBC, Nationwide, NatWest, Santander UK, and Starling Bank.
The issue is not new; it has been referred to as “Operation Chokepoint 2.0” in the United States. The parliamentary group urges these institutions to provide a clear explanation of their policies and procedures regarding crypto firms, demanding transparency to maintain trust and prevent further issues in this emerging sector.
Written by James Tobias
Bitcoin Desk
