UK Banks Crack Down on Crypto Purchases, Limit Debit & Credit Card Use21. March 2023
• U.K. Banking Giants, Nationwide and HSBC, have recently imposed new limits on their customers’ cryptocurrency purchases via debit cards and ended purchases with credit cards.
• Most major U.K. banks have also implemented exchange-specific restrictions, with Binance Holdings Ltd being the most popular target.
• NatWest Group CEO Alison Rose has stated that the bank has taken a “pretty hard line” on cryptocurrency due to the instability and volatility of the platforms and the risk of fraud from social media and technology platforms.
U.K Banks Crack Down on Cryptocurrency Purchases
U.K banking giants Nationwide and HSBC have recently imposed new restrictions on their customer’s cryptocurrency purchases via debit cards, while ending all purchases with credit cards. This development highlights the need for more decentralized peer-to-peer exchanges that can facilitate no-KYC bitcoin transactions in order to give U.K citizens more access to bitcoin acquisition options.
Nationwide has applied daily limits of £5,000 ($5,965) on debit-card purchases of cryptoassets while its credit cards can no longer be used to buy crypto assets at all. Similarly, HSBC barred customers from making crypto purchases via its credit cards from last month onwards citing alleged financial risks to customers as justification for this decision .
Exchange Specific Restrictions
Most major U