U.K. 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 Crypto and Digital Assets All-Party Parliamentary Group (APPG) is chaired by Ed Vaizey, a former Minister for the Digital Economy and a member of the House of Lords, and Gurinder Singh Josan, a Labour MP, 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 2.0.”
Several major U.K. banks have also introduced restrictions on crypto-related payments, the APPG said in a statement. As such, the inquiry will focus on a dearth of bank accounts for crypto businesses, including associated professional services such as insurance.