Nationwide Building Society and HSBC Holdings toughened limits on retail customers' access to cryptoassets in the last week, becoming the latest U.K. banks to impose curbs after industry scandals and regulatory warnings.
Nationwide is applying daily limits of £5,000 ($5,965) on debit-card purchases of cryptoassets, the building society
"This is because of the possible risk to customers," HSBC said in an emailed statement. Both banks pointed to warnings issued by the Financial Conduct Authority, which has labeled crypto as high risk
The lenders join Banco Santander, Lloyds Banking Group and Natwest Group among the institutions that have placed crypto-specific limits on UK customers in recent years. Most of the major banks have also implemented exchange-specific restrictions, with the world's largest crypto platform Binance Holdings the most popular target.
The collapse of crypto exchange FTX in November has prompted fresh warnings about the dangers of crypto. Global bodies including the Financial Stability Board, the International Monetary Fund and the Financial Action Task Force have
Several U.S. banks with close ties to the sector are facing growing scrutiny. Silvergate Capital, the crypto-friendly bank,
—With assistance from Harry Wilson and William Shaw.
