Earlier, HSBC barred crypto purchases for customers via its credit cards. Credit: Benjamin Nelan from Pixabay.

UK banks Nationwide Building Society and HSBC Holdings have imposed limits on access to crypto assets for retail customers in the last week, citing a warning from the Financial Conduct Authority (FCA), reported Bloomberg News.

The firms have placed limits on cryptocurrency purchases via debit cards and ended purchases with credit cards.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The move comes in response to the UK regulators’ warnings and scandals surrounding the crypto industry. British regulator Financial Conduct Authority categorised cryptocurrencies as high risk.

Nationwide has enforced £5,000 ($5,965) in daily limits on debit-card purchases of crypto assets and banned credit cards for crypto transactions.

Last month, HSBC barred crypto purchases for customers via its credit cards.

HSBC was quoted by Bloomberg News as saying in an emailed statement: “This is because of the possible risk to customers.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In recent years, institutions including Banco Santander, Lloyds Banking Group and NatWest Group have imposed crypto-specific limits on customers in the UK.

Most of the exchange-specific restrictions are aimed at Binance Holdings, the world’s largest crypto platform.

In 2021, HSBC barred payments via credit card to crypto platform Binance on the grounds of exchange’s regulatory status in the country.

In February 2023, the regulatory body proposed rules for cryptocurrency firms marketing to UK consumers to meet certain financial promotion-related conditions.

FCA said in a statement: “Cryptoasset businesses marketing to UK consumers, including firms based overseas, must get ready for this regime.”