HSBC and Nationwide restrict purchases of cryptoassets for retail clients

Nationwide Building Society and HSBC Holdings Plc have imposed additional restrictions on retail customers’ access to cryptoassets amid a warning from the Financial Conduct Authority (FCA).

Nationwide is adding a daily limit of £5,000 on buying cryptocurrency via debit cards and bans customers from making crypto purchases via credit cards along with HSBC, which imposed credit card restrictions last month, according to Bloomberg.

The move is aimed to prevent risks to customers, HSBC shared in an emailed statement with Bloomberg.

UK’s financial regulatory body, the Financial Conduct Authority, put crypto in the “high risk” category.

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British customers have already experienced similar crypto-related restrictions from other financial services providers like Banco Santander, Lloyds Banking Group and NatWest Group.

Santander announced that the limit of £1,000 for individual cryptocurrency transactions and a £3,000 cap on transactions in a rolling 30-day period is the company’s response to rising incidents of cryptocurrency fraud.

“We want to do everything we can to protect our customers and we feel that limiting payments to cryptocurrency exchanges is the best way to make sure your money stays safe.”

A variety of retailers have previously made crypto payments available, including a British-Portuguese digital luxury fashion retailer Farfetch and Gucci.

Blockchain & CryptoNews


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