HSBC and Nationwide Restrict Cryptocurrency Operations

Bank bank cryptocurrency
Bank bank cryptocurrency

The holding company Nationwide Building Society and the UK’s largest bank HSBC have introduced restrictions on the purchase of cryptocurrencies through payment cards. This is reported Bloomberg.

Nationwide increased a limit of up to 5,000 pounds ($5,965) per day for debit cards, banning such transactions for credit cards. HSBC completely restricted the purchase of digital assets last month, as users reported on Twitter.

Both companies cited the UK Financial Conduct Authority (FCA) 2021 warning.

“This is due to possible risks for clients,” HSBC said in a Bloomberg statement.

In 2021, the FCA prohibited Binance from carrying out any regulated activity without the agency’s prior approval. After that, Santander and NatWest banks blocked transfers to the bitcoin exchange.

Earlier, the UK’s largest retail bank Lloyds Banking Group introduced a ban on the purchase of cryptocurrencies using credit cards.

In November 2022, Starling Bank restricted customer transactions related to digital assets.

Recall that in 2023, many banks stopped cooperation with crypto projects due to fears of reprisals from regulators. The latter began to actively express their concerns after the collapse of FTX.

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