Regulator Warnings Prompt HSBC and Nationwide Banks to Limit Crypto Transactions
HSBC Holdings Plc and Nationwide Building Society imposed limits on retail customers' access to cryptoassets in another episode of UK banks reacting to the recent crypto industry legal and regulatory issues.
HSBC said that, in February, it restricted customers from buying crypto with its credit cards, Bloomberg reported. The report quoted the bank as saying that,"This is because of the possible risk to customers."More information in available on Nationwide's decision.
Credit cards can no longer be used for crypto purchases, and the bank is applying daily limits of £5,000 ($6,000) on debit card purchases, the announcement stated.
For an account type designed for young people until the age of 23, the daily limit is now £100 ($120). "These will apply where we identify payments to crypto exchanges," it said, adding:"These limits apply any time you use your card to make a payment.
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