Banks Now Clamp Down On Crypto Purchases With Daily Limits And Credit Card Ban
According to Bloomberg, Nationwide Building Society and HSBC have become the latest UK banks to restrict customers’ access to cryptocurrencies. In the last week, Nationwide has introduced daily limits of £5,000 ($5,965) on debit-card purchases of crypto assets and has barred the use of credit cards to buy cryptocurrency.
Similarly, HSBC has banned customers from using credit cards to purchase cryptocurrencies since last month, citing the risk to customers and warnings issued by the Financial Conduct Authority (FCA) in the past years that digital assets are a high-risk investment.The move follows restrictions placed by Banco Santander, Lloyds Banking Group, and Natwest Group, among others, and most major banks have implemented exchange-specific restrictions, with Binance Holdings being the most popular target. Several US banks with close ties to the digital asset sector are also facing growing scrutiny.
Source
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