Zumo founder and CEO Nick Jones said U.K. crypto companies could gain approval from the Financial Conduct Authority (FCA) yet struggle to open business bank accounts, potentially limiting their ability to expand.
Jones said authorization does not determine whether a bank will provide an account to an approved firm. He urged action on restricted banking access to give crypto businesses a “level playing field” in which to grow.
His concern differs from limits on customers’ payments to crypto platforms. Earlier coverage of U.K. crypto payment restrictions detailed a campaign by Stand With Crypto UK that drew 10,092 online submissions from 9,803 people over 90 days between May and August 2026.
Those submissions are not a confirmed count of rejected transfers. They concern payments made by customers, while Jones raised the separate issue of bank accounts for crypto businesses. Lawmakers are investigating the sector’s access to financial services.
Mandatory FCA approval is expected in October 2027.
