United Kingdom see increased limits on crypto purchases from banks

• The debit-card purchases of crypto assets are restricted to a daily limit of £5,000 by the Nationwide Building Society.
• The largest bank in the UK, HSBC, has made it illegal for its customers to make purchases using credit cards.
• As the basis for their decisions, the banks have cited warnings issued by financial regulators.
• Customers of the Nationwide Building Society will not be able to send money to the cryptocurrency exchange Binance.

When it comes to how their retail customers can interact with cryptocurrency assets, banks in the United Kingdom are increasing the restrictions they impose. The Nationwide Building Society is the latest financial institution to limit the amount of cryptocurrency that customers can buy with their debit cards.

Payments to Binance will not be accepted by the National Building Society

A recent update from the Nationwide Building Society states that debit card purchases of cryptocurrencies will be limited to £5,000 per day. Customers of the enormous financial institution will not be able to purchase crypto assets using credit cards. The advisory specifically mentioned Binance, the largest cryptocurrency exchange in the world, and stated that payments to the exchange would be rejected. Until further notice, payments to Binance will be restricted.

Nationwide followed HSBC, the largest bank in the United Kingdom, in imposing similar restrictions on its customers. According to a Bloomberg report, the bank has made it illegal for its customers to purchase cryptocurrencies using credit cards. These financial institutions have joined Banco Santander and Lloyds Banking Group in restricting their customers’ access to crypto. As the basis for their decisions, the banks have cited warnings issued by the Financial Conduct Authority in the United Kingdom.

There are certain risks with purchasing cryptocurrency, as highlighted by the Financial Conduct Authority (FCA). We’ve set up these restrictions to help protect you and to try and keep your money safe.”

Nationwide Building Society

The development of crypto’s banking and regulation landscape in the United Kingdom is comparable to that in the United States.

The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Board of Governors of the Federal Reserve System (Federal Reserve) all issued a joint statement earlier this year to banking organizations to warn them about the dangers of crypto assets.

Is Nationwide Building Society a safe bank?

Nationwide’s ratings reflect a fairly stable, low-risk business mostly composed of loans secured by residential mortgages and funded by retail savings and current accounts.

What country owns Nationwide bank?

Nationwide Building Society is a British mutual financial institution, the seventh largest cooperative financial institution and the largest building society in the world with over 16 million members.

What is Nationwide Building Society

We’re a building society, or mutual, owned by our members. That’s anyone who banks, saves or has a mortgage with us. Our members benefit from a range of products we keep just for them. They can have a say in how we’re run. They can help shape our products and services. More Here.

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