UK lawmakers warn bank crypto service denials threaten industry growth

British lawmakers warned that major UK banks’ refusal to provide financial services to crypto firms could become the biggest obstacle to growth in the digital-asset industry, the Financial Times reported, citing a letter from the All-Party Parliamentary Group (APPG) to commercial bank executives seeking clear explanations for rejected account openings and transfer restrictions. The lawmakers said indiscriminate transaction curbs by banks are pushing crypto firms to leave the UK and could undermine the successful rollout of a crypto regulatory framework planned for next year.