UK Parliament's Crypto Group Launches Banking Inquiry Ahead of October 2027 FCA Deadline

According to the UK Parliament's Crypto and Digital Assets All-Party Parliamentary Group, the group launched a formal inquiry on Tuesday (July 22) into why banks refuse to open accounts and block payments for crypto businesses. Written evidence will be accepted until August 31, with recommendations targeted for publication before the FCA's mandatory crypto regime begins in October 2027.

Research from the UK Cryptoasset Business Council, published in January 2026, found roughly 40% of payments to crypto exchanges were blocked or delayed by UK banks, with one platform reporting almost £1 billion in rejected transactions during 2025. The APPG outlined that 80% of exchanges saw customer friction increase, while 70% described banking conditions as more hostile than a year earlier. The inquiry co-chaired by Lord Vaizey of Didcot and Labor MP Gurinder Singh Josan CBE will examine whether FCA-registered businesses can access banking services despite regulatory progress.