UK Bank Restricts Users’ Ability to Buy Crypto, Slashes Daily Limit
- The bank previously banned card payments to Binance exchange.
- Data shows the UK has the greatest crypto-readiness to attract firms and startups.
UK bank Nationwide Building Society has restricted its customers’ ability to purchase crypto, Reuter reported, quoting an email the bank sent to customers on Thursday. Nationwide stated it would not accept credit card payments to crypto exchanges and would restrict current adult accounts to $5,995 in daily transactions.
Notably, the UK bank decided this action following regulatory concerns over the risks of buying digital currencies. Before this recent restriction, the Nationwide Building Society had barred its users from making card payments to the Binance crypto exchange, citing concerns over fraud and volatility.
Furthermore, Alison Rose, the CEO of NatWest Group, told the House of Commons committee last month that the UK bank took a hard line on crypto, “looking at it from a fraud perspective.” She continued:
We blocked retail and wealth customers from transferring into crypto assets because of the platform’s volatility and stability. We know that can cause frustration for customers, but if we’re evidencing significant fraud, we block them.
In November 2022, UK Santander bank rolled out limits on the amount customers could transfer to crypto exchanges while blocking UK customers from sending real-time payments to crypto businesses.
Nonetheless, a recent analysis of the top 50 major cities with infrastructures to experience mass crypto adoption showed that the UK, based on eight data points, has the greatest crypto-readiness to attract firms and startups.
The eight indicators include crypto-specific events, people working in crypto-related jobs, crypto companies, the number of crypto ATMs, and crypto ownership in each country. London outranked famous municipalities such as Dubai, Singapore, and New York City.