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UK banks HSBC, Nationwide to ban crypto purchases with credit cards: Report

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United Kingdom babanks HSBC Holdings and Nationwide Building Society are banning cryptocurrency purchases via credit cards for retail customers.

They join a growing list of banks in the country to tighten restrictions on digital assets. A Bloomberg report on March 2 claims the step back is a response to warnings by UK regulators and scandals surrounding the crypto industry.

Nationwide is reportedly applying daily limits of £5,000 ($5,965) on debit-card purchases of crypto assets, while credit cards will no longer be available for crypto transactions.

Customers of HSBC were barred from making crypto purchases with their credit cards last month. “This is because of the possible risk to customers,” HSBC wrote in an email seen by Bloomberg.

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