More UK Banks Crack Down on Crypto Purchases

UK banks continue to restrict customers’ access to cryptocurrency purchases due to “regulator concerns” about the high-risk nature of digital assets.

The latest banks to impose restrictions are HSBC and Nationwide Building Society.

HSBC has banned crypto purchases using credit cards. Nationwide has also banned payments to crypto exchanges using its credit cards, as well as setting a £5000 daily limit on debit card spending.

Both banks cited concerns from the Financial Conduct Authority about the risks associated with cryptocurrency investments.

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This move follows similar actions by Santander and NatWest, who have implemented monthly limits on payments to crypto exchanges. Additionally, Nationwide has completely banned payments to Binance.