Concerns over “debanking” and banking access for the UK crypto sector have moved onto the parliamentary agenda, with a new inquiry set to examine whether crypto firms and consumers face barriers to core financial services.

On Monday, the Crypto and Digital Assets All-Party Parliamentary Group (APPG) announced it will investigate how restrictions on account access and crypto-related transactions may affect investment, competition, and broader economic growth. The group says it will assess whether any limits are proportionate and has opened written submission requests to banks, payment providers, crypto businesses, and other stakeholders until Aug. 31, ahead of publishing its findings and recommendations.

Key takeaways

• The APPG inquiry will focus specifically on access to banking services for UK crypto businesses and consumers, including limits that may restrict crypto-related payments and transfers.
• UK Cryptoasset Business Council (UKCBC) data cited by the inquiry claims banks blocked or delayed 40% of transactions to crypto platforms across 10 exchanges in a January survey.
• Most surveyed exchanges reportedly saw more customers experiencing blocked or limited transfers over the prior year and described the UK banking environment as increasingly “hostile.”
• UKCBC is urging the FCA to require banks to differentiate between firms based on regulatory status and controls rather than applying uniform restrictions.
• Industry commentary warns that the upcoming UK crypto licensing framework could lose practical value if approved firms still struggle to access mainstream banking.

A parliamentary inquiry into banking access

The Crypto and Digital Assets APPG’s announcement frames the debate around whether barriers to banking services are limiting the sector’s ability to grow within the UK. According to the group, the review will examine how restrictions influence investment decisions, competitive dynamics, and economic outcomes—and whether existing banking practices meet a proportionality standard.

The inquiry also signals a potential policy collision: while the UK is moving toward a new regulatory approach for crypto firms, banks and payments providers may still treat many crypto activities as inherently high risk. The APPG’s request for submissions will allow financial institutions and market participants to make the case for both sides, including how fraud and money-laundering risk assessments are applied in practice.

UKCBC survey highlights blocked transfers and reduced willingness to invest

A January survey conducted by the UK Cryptoasset Business Council (UKCBC) is central to the debate. The council’s report (linked in the APPG-related coverage) states that, among 10 crypto exchanges surveyed, banks blocked or delayed 40% of transactions to crypto platforms.

It also claims that 70% of respondents said the restrictions had reduced their willingness to invest, expand, or hire in the UK. The exchanges referenced in the survey include Coinbase, Kraken, Gemini, OKX, Bitpanda, Luno, Uphold, Wirex, Zumo and Xapo Bank.

Within that same survey, eight of the 10 respondents reported increased instances over the prior year where customers experienced blocked or limited transfers. Seven described the overall banking environment for digital asset businesses as becoming more “hostile.”

The survey further alleges that one exchange observed nearly £1 billion (about $1.35 billion) in transactions declined by banks over a year. The figure, as described in the referenced material, covers rejected card payments and transfers initiated through open banking, while abandoned or blocked transactions via other channels were excluded.

Industry pressure: banks should distinguish by risk, not blanket restrictions

UKCBC has urged the UK’s Financial Conduct Authority (FCA) to push banks toward more targeted approaches—requiring differentiation between exchanges based on regulatory status, governance, and fraud controls rather than applying the same constraints to every platform.

Yuriy Brisov, a partner at London-based consultancy Digital & Analogue Partners, told Cointelegraph that while banks have legitimate obligations to manage fraud and money-laundering risks, he argues that controls should scale with risk level rather than be applied uniformly. He said proportionality should depend on whether measures distinguish between high-risk and low-risk cases, adding that, in his view, current practices do not consistently do so.

Brisov cited blanket policies and fixed transaction caps that may apply regardless of where funds are destined—whether to an FCA-registered exchange or an unlicensed offshore platform.

He also pointed to potential incentives created by payment fraud reimbursement rules. Since October 2024, payment providers have generally been required to reimburse eligible fraud victims for losses of up to £85,000 per claim under faster payments-related requirements described by the UK Payment Systems Regulator (PSR). Brisov argued this can encourage banks to block crypto-linked transactions rather than assess them individually, effectively shifting the risk-management burden away from case-by-case evaluation.

Licensing timeline raises a “hub” inconsistency

The APPG inquiry comes as the FCA prepares to accept authorization applications from crypto firms starting Sept. 30. Brisov said this scheduling creates a contradiction between the government’s stated ambition to build a global crypto hub and the continued use of banking restrictions against exchanges, including firms already registered under the FCA framework.

His core argument is that once a regulator licenses a firm, banking decisions should not treat that entity as unknowable in risk terms. He said supervisors should ask banks to provide written reasons if they still consider regulated firms effectively “untouchable,” suggesting that clearer justification could become a key theme of any parliamentary or regulatory follow-up.

Policy changes are already in motion. HM Treasury laid the Cryptoassets Regulations before Parliament in December 2025, with the full regime expected to take effect in October 2027. The industry question, according to Brisov, is whether regulatory authorization will translate into practical access to the payment system.

Brisov argued that licensing would have limited value if approved crypto businesses remain unable to access mainstream banking channels. In his view, a country positioning itself as a crypto hub cannot keep its payment infrastructure effectively closed to the industry it licenses.

What to watch next

As the APPG collects submissions through Aug. 31 and the FCA moves toward crypto authorization applications beginning Sept. 30, the key uncertainty for the sector is whether policymakers can drive a more risk-sensitive approach from banks and payment providers—or whether restrictions will persist even after new licensing rules take effect. Investors and builders will likely look for signals around whether any guidance or enforcement will target “proportionality” in a measurable, bank-by-bank way.

• Ethereum (ETH) has gained 8.8% in a week as momentum strengthened.
• BlackRock’s ETHA helped drive fresh spot ETF inflows.
• $2,000 remains Ethereum’s next major resistance level.

Ethereum has extended its latest recovery, climbing above the $1,900 level and putting the $2,000 mark back into focus.

The recovery comes after several weeks of improving price action, renewed institutional interest, and technical signals that suggest bulls have regained control in the short term.

At press time, ETH was trading at $1,942.56, up 4.2% over the last 24 hours.

The cryptocurrency is up 8.8% over the past seven days, 9.7% over the last two weeks, and 12.3% during the past month, highlighting a steady recovery after months of weaker performance.

Technical momentum builds as ETH approaches key resistance

Ethereum’s latest rally has brought it close to an important technical zone.

The cryptocurrency briefly traded just below $1,947, leaving it only a few dollars away from testing the upper end of its 24-hour range.

Several technical indicators have turned more constructive during the recent advance.

ETH has moved above both its 20-day and 50-day exponential moving averages (EMAs), a development that often reflects improving short-term momentum.

At the same time, the Relative Strength Index (RSI) has climbed close to 70, indicating strong buying activity while also suggesting traders may watch for increased volatility if the rally accelerates.

According to crypto analyst Javon Marks, Ethereum has also broken above a long-standing descending trendline.

Marks believes the breakout could represent the early stages of a broader recovery if buyers manage to defend recently reclaimed support levels.

$ETH continues to hold in presumably its largest accumulation phase ever and a resulting bull move out of it can be MONSTROUS!

We continue to target levels at:

$5000
$8500
$12000

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Ethereum looks ripe… pic.twitter.com/NVRJZdNHdF

— JAVON⚡️MARKS (@JavonTM1) July 20, 2026

The first major resistance zone now sits between $1,950 and $2,150.

A sustained move through that area would strengthen the bullish structure and shift attention toward higher technical targets.

Beyond that zone, analysts are monitoring additional resistance levels around $2,501, $2,970, and $3,349.

Those levels would need to be cleared before Ethereum could challenge stronger resistance near $3,728, $4,108, and eventually its previous all-time high of $4,946.05, which was recorded in August 2025.

ETF inflows and institutional accumulation support the recovery

The latest price gains have coincided with renewed institutional demand for Ethereum.

Spot Ethereum exchange-traded funds (ETFs) in the United States have returned to positive net inflows after an extended period of outflows.

Among the largest contributors has been BlackRock’s ETHA fund, reinforcing signs that institutional investors are once again allocating capital to Ethereum.

Corporate treasury activity has also remained in focus.

BitMine added another 7,430 ETH during its latest reporting period.

Although that represented its smallest weekly purchase since adopting its Ethereum treasury strategy, the slowdown has been linked to the company nearing its stated objective of controlling approximately 5% of Ethereum’s circulating supply rather than a change in its investment strategy.

BitMine now holds roughly 5.777 million ETH, representing close to 4.8% of the existing supply. Around 85% of those holdings are staked, generating an estimated $247 million in annual staking rewards.

The company has also shifted part of its capital allocation toward a $4 billion share buyback programme, while maintaining its long-term Ethereum position.

1/
BitMine provided its latest holdings update for July 20, 2026

$11.5 billion in total crypto + “moonshots”:
– 5,777,468 ETH at $1,879 per ETH per ETH (per @coinbase)
– 207 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $58 million stake in Eightco…

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) July 20, 2026

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Ethereum price outlook

From a technical perspective, $2,000 remains the most significant psychological barrier in the near term.

Analysts expect that level could require several attempts before a decisive breakout occurs.

On the downside, traders are watching the $1,900 area as the first layer of support, with $1,879 and the recent intraday low near $1,854 serving as additional levels that could determine whether the current uptrend remains intact.

The broader long-term outlook also continues to attract attention.

Marks has previously identified potential upside objectives of $5,000, $8,500, and $12,000 if Ethereum maintains its long-term market structure and successfully clears successive resistance levels.

Another long-term technical projection places a possible target near $6,941, although reaching that level would require ETH to overcome multiple resistance zones over time.

But for now, Ethereum’s immediate focus remains much closer.

After reclaiming the $1,900 level and trading near $1,942, the next test for buyers is whether the cryptocurrency can establish a sustained move above $2,000, supported by improving technical momentum, renewed ETF demand, and continued institutional participation.

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“Large Bitcoin whales have been building up their positions over the last two months, while medium-sized wallets have been selling. This divergence in behaviour could be a ‘constructive signal’ for BTC in the medium term, according to CryptoQuant [data],” Alex Kuptsikevich, the chief market analyst at FxPro, said in an email.

Blockchain analysis firm Glassnode noted that the market looks much more balanced now than it did a month ago.

“Overall, the market appears increasingly balanced, with long-term conviction providing support while speculative participation remains contained,” it said.

There are also signs of growing participation in BTC futures and options. Recently, a trader (or group of traders) purchased large bull call spreads in bitcoin, targeting $72,000 by month-end.

In short, the buyer profile right now appears diverse

Risks, however, remain. The most important near-term headwind is U.S. Treasury bond issuances, which could drain liquidity from the system and weigh on risk assets.

“Treasury bill settlements are expected to result in net new issuance of $56 billion, followed by an additional $37 billion on Thursday and a smaller coupon settlement of $13 billion on Friday. Treasury bill issuance will likely remain heavy until Labor Day, creating a headwind for risk assets as we move through the summer,” Mott Capital Management’s Founder Michael Kramer said in a blog post.

Nigeria’s President Bola Ahmed Tinubu has signed an executive order aimed at reducing what his administration described as the fragmentation of digital-asset regulation. The move is intended to align oversight across agencies, improve protections for consumers, and create a clearer compliance environment for businesses operating in cryptocurrencies and stablecoins.

According to a statement from Tinubu’s special adviser, Bayo Onanuga, the order—signed on Friday—sets out a framework to “harmonize” regulation of virtual assets, strengthen cooperation among Nigeria’s financial, revenue and capital markets bodies, protect citizens from fraud, and “safeguard the integrity of the financial system while enabling responsible innovation.”

Key takeaways

• Nigeria’s executive order is designed to coordinate existing regulators rather than create a new authority or transfer powers.
• A new virtual asset council will be chaired by senior representatives from major financial regulators to steer related policy.
• Registration requirements are expected to be tied to the “nature of the activity” and the specific asset involved, addressing gaps that previously allowed some operators to avoid oversight.
• Nigeria’s tax authority, the Nigerian Revenue Service, is preparing additional guidance following earlier reforms requiring crypto providers to link transactions to tax identifiers.
• The policy shift comes amid rapid stablecoin and crypto inflows into Nigeria, including a major share of sub-Saharan Africa’s stablecoin activity since 2019, per an IMF report.

Executive order targets regulatory gaps without changing mandates

Onanuga emphasized that the executive order does not create a new regulator or reallocate statutory powers. Instead, he said each institution retains its mandate and independence, while the new framework is meant to coordinate their work “rather than replacing it.”

The adviser also indicated that Nigeria plans to provide clearer certainty for market participants by basing registration on how an actor participates in the market and what type of asset is involved. In the administration’s framing, the order is intended to “close the gaps” that allowed certain unregistered operators to avoid supervision.

For investors, exchanges, payment firms, and other service providers, the core practical question is not whether regulators will become stricter overnight, but whether coordination will be more predictable. Fragmentation often translates into overlapping compliance demands or enforcement uncertainty; a harmonized approach can reduce friction while still increasing the barriers for entities that previously operated outside established oversight.

A virtual asset council to coordinate policy across regulators

The executive order establishes a virtual asset council, led by senior figures from Nigeria’s top financial regulators, with responsibility for directing related policies. The intention, as described by the administration, is to strengthen cooperation across agencies that oversee different parts of the broader financial system.

That matters because digital assets span multiple regulatory domains: market conduct, financial stability concerns, anti-fraud measures, taxation, and capital markets oversight. When these responsibilities are distributed without tight coordination, businesses can face inconsistent rules depending on which agency is driving enforcement at a given time.

Nigeria’s approach appears to be aimed at consolidating how policies are directed across agencies while leaving each regulator’s formal legal powers intact—an arrangement that could improve consistency without triggering the disruption that sometimes comes with sweeping institutional restructuring.

Tax reforms continue: Nigeria links crypto activity to identifiers

Beyond the coordination effort, the executive order also points to tax administration updates. Onanuga noted that the Nigerian Revenue Service would provide additional details about the effects on taxpayers, while earlier measures suggest the direction of travel is already underway.

In January, Nigerian authorities said that under the Nigeria Tax Administration Act, crypto service providers were required to link transactions to tax identification numbers. In some situations, national identification numbers were also required.

The policy emphasis on identifier-linked reporting is particularly relevant in a market where cross-border activity and informal rails can complicate compliance. If Nigeria tightens data requirements while harmonizing regulator oversight, firms operating locally may need to upgrade their onboarding and transaction-record systems to demonstrate that counterparties and transactions can be mapped to the relevant tax records.

The next watchpoint is how the “additional details” referenced in the executive order translate into enforceable operational requirements—such as what data formats will be expected, how compliance will be assessed, and how reporting obligations interact with existing rules for different classes of digital-asset services.

Rapid stablecoin adoption increases pressure for clearer rules

Nigeria’s regulatory attention comes as digital asset usage has expanded quickly. According to a June report from the International Monetary Fund (IMF), Nigeria accounted for about 60% of stablecoin inflows within sub-Saharan Africa since 2019. The IMF also reported that Nigeria had approximately $59 billion in crypto inflows between July 2023 and June 2024, citing the scale of activity tied to crypto demand in the region.

The IMF also framed Nigeria’s policy challenge as balancing innovation with risk control. In its discussion of stablecoin adoption, the institution said the problem is to “narrow the gap that made the workaround attractive” in cross-border payments while ensuring that “new risks remain contained.” The IMF added that doing so requires “a clear strategy: open to innovation but anchored in sound macroeconomic policy and effective regulation.”

That framing highlights a tension policymakers often face: stablecoins can meet real user needs—especially when traditional payment channels are costly or slow—but they can also introduce compliance, consumer protection, and financial integrity risks if governance is unclear. Nigeria’s executive order is positioned as an attempt to bring those risks under a more coordinated regulatory umbrella while keeping the market open for “responsible innovation,” in the administration’s wording.

The meaningful change from a practical standpoint will be whether harmonization leads to consistent enforcement and clearer registration pathways. The administration’s commitment that registration follows the nature of the activity and the asset suggests rules may be tiered rather than one-size-fits-all, which could help regulators target higher-risk activities while reducing uncertainty for lower-risk providers.

What to watch next

Market participants should focus on how the new virtual asset council operationalizes guidance, how registration requirements will be defined by activity type and asset category, and what specific compliance and reporting updates the Nigerian Revenue Service issues following earlier identifier-based tax reforms.