UK banks are increasing limits on their retail customers when dealing with crypto assets. National construction company became the last bank to impose a limit on the amount of cryptography a client can buy using their debit cards.
Nationwide Building Society will not allow payments to Binance
According to a recent by the Nationwide Building Society, crypto purchases through debit cards will be limited to ?5,000 per day. The banking giant will not permit its clients to purchase crypto assets using credit cards. The world’s largest crypto exchange, Binance, was specifically named in the advisory, which stated that any payments to the exchange will be declined. Binary payments will remain limited for the time being.
At the national level, she followed in the footsteps of u.k's largest bank, hsbc, which imposed similar restrictions on her clients. A report from Bloomberg revealed that the bank has barred its customers from buying crypto through credit cards. These banks have joined the banking group banco santander and lloyds, who have both placed crypto-specific restrictions on their clients. The banks cited the warnings issued by the U.k Financial Conduct Authority as grounds for their decisions.
The purchase of cryptocurrencies entails certain risks, as pointed out by the Financial Conduct Authority (c if). We’ve set up these restrictions to help protect you and to try and keep your money safe.”
Nationwide Building Society
The evolution of the banking sector and cryptocurrency regulation in the United Kingdom is similar to the evolution in the United States. Earlier this year, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a joint statement for banking organizations, warning them about the risks associated with crypto assets.