HSBC and Nationwide place contemporary restrictions on crypto purchases in UK

    New limitations on the acquisition of cryptocurrencies in the UK have been carried out by banking giants HSBC and Nationwide.

    Notably, the 2 monetary establishments highlighted a warning issued by the Monetary Conduct Authority (FCA), which is the British regulator that oversees the monetary companies sector, on the risks related to the acquisition of cryptocurrencies. 

    It has been reported that Nationwide, issued an e-mail to its purchasers on Thursday, March 2, informing them of limits on the acquisition of cryptocurrencies. In keeping with an e-mail that was posted by Nationwide and distributed by many customers on Twitter, the corporate mentioned, “We will be introducing restrictions on purchasing cryptocurrency from 28 February,” two days after the adjustments have been made, stating:

    “The Financial Conduct Authority (FCA), who regulate the financial services industry, has highlighted certain risks associated with purchasing crypto currency. <..> We will be introducing limits on card payments made to crypto exchanges from a current account,” the e-mail continues, including that the brand new every day card restrict is 100 British kilos for Flexone accounts and 5,000 kilos for different present account sorts.”

    Nationwide restricts crypto purchases. Supply: Nationwide

    HSBC removes crypto purchases with bank cards

    Over the earlier week, quite a few customers on Twitter printed an e-mail that they mentioned was despatched to them discussing purchases of cryptocurrencies by the multinational monetary company HSBC. HSBC reportedly wrote within the e-mail:

    “From 23 February 2023, we’ll no longer allow cryptocurrency purchases using our credit cards. This is because of the possible risk to you. The Financial Conduct Authority has warned against investing in crypto assets, as they’re considered very high risk, speculative investments,” the financial institution emphasised.”

    Purchases of cryptocurrencies are being restricted by an growing variety of banks in the UK. Each Santander UK and Starling Financial institution carried out related limitations on the motion of funds to cryptocurrency exchanges final November.

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