UK MPs and peers warned that banks' refusal to provide services to cryptocurrency companies is "one of the single biggest barriers" to growth in the country's digital assets industry. Co-chairs Lord Ed Vaizey and Gurinder Singh Josan cited "repeated instances" of crypto companies struggling to open bank accounts. The letter comes as the industry prepares for landmark regulations from October next year.

Banks like HSBC, Nat West, Monzo and Nationwide limit transfers from £5,000 to £10,000 a month, while Starling and Chase UK impose blanket bans. The FCA urges consumers to be aware of crypto risks, noting that bitcoin and ether have roughly halved over the past year. Losses from crypto are not covered by the Financial Services Compensation Scheme, which protects other investments up to £120,000 per person per financial services company.