Share this article
UK Crypto White List Needed to Solve 'Debanking,' Lobby Group Says
British banks have said they keep customers away from crypto for their own protection.
Updated Mar 22, 2023, 8:45 p.m. Published Mar 21, 2023, 11:43 a.m.
U.K. banks should be given a “white list” of registered crypto firms to avoid the sector being cut off from the financial system, lobby group CryptoUK said in letters sent to regulators Tuesday.
Concerns over legitimate crypto companies not being able to get access to a bank have spread to the U.K., where major lenders say they discourage access to riskier financial products for their customers’ own good.
STORY CONTINUES BELOW
“We are calling upon the government to find a path forward,” Su Carpenter, director of operations at CryptoUK, told Economic Secretary Andrew Griffith in a letter dated Tuesday. "Blanket bans and restrictions of transfers from U.K. banks to crypto asset platforms … will have the effect of fundamentally undermining the government’s ambition to become a crypto asset hub," Carpenter added.
A parallel letter calls for action from two other regulatory agencies – the Financial Conduct Authority and Payment Systems Regulator.
In the U.S., January guidance from regulators and the collapse of crypto-focused banks such as Signature Bank and Silvergate Bank have led to lawmaker concerns that the industry is being punished via the financial system, as previously occurred to gun sellers in Operation Choke Point.
Read more: UK Banks Blocking Crypto Access Given Fraud, Volatility, Lawmakers Told
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Small Texas Lender Monet Joining Field of Crypto-Focused Banks
The bank is owned by billionaire Andy Beal, a major supporter of U.S. President Donald Trump's 2016 campaign.
Top Stories
