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UK Parliament begins inquiry into banking chokepoint for crypto businesses

UK Parliament begins inquiry into banking chokepoint for crypto businesses

UK politicians want to know the extent to which the country’s banks have choked-off cryptocurrency firms by refusing them bank accounts and introducing restrictions on crypto-related payments, in a cross-party inquiry kicked off on Tuesday.

The UK’s Crypto and Digital Assets All-Party Parliamentary Group (APPG) is chaired by Lord Vaizey of Didcot, the former UK Government Minister for the Digital Economy, and Labour MP Gurinder Singh Josan CBE, according to a press release.

Ever since crypto came into being, difficulties around attaining banking relationships have made life hard for players in the space, with a systematic debanking of firms and individuals, particularly in the U.S. being referred to as “Operation Chokepoint…

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