UK Banks Crack Down on Crypto Purchases: Daily Limits & No Credit Cards

• British banks such as Nationwide and HSBC have tightened regulations on cryptocurrency purchases via debit cards and credit cards.
• Most of the major U.K. banks have implemented exchange-specific restrictions, with Binance Holdings Ltd. being the most popular target.
• NatWest Group CEO Alison Rose cited instability and volatility, as well as potential fraud risks on social media platforms, as reasons for taking a “pretty hard line” on crypto purchases.

U.K Banks Restricting Cryptocurrency Purchases

British banks are tightening their regulations on cryptocurrency purchases via debit cards and credit cards, with Nationwide setting daily limits of £5,000 ($5,965) on cryptoassets bought by debit card and prohibiting credit card purchases altogether. HSBC has also blocked customers from making crypto purchases via its credit cards since last month.

Exchange-Specific Regulations

Most of the major U.K. banks have imposed exchange-specific restrictions, with Binance Holdings Ltd., the world’s largest crypto platform, being the most popular target. These new rules limit citizens’ ability to acquire Bitcoin within in the country and emphasize the need for more decentralized peer-to-peer exchanges that can facilitate no-KYC bitcoin transactions without relying on large financial institutions like banks or other third parties involved in traditional financial transactions.

Reasoning Behind Restrictions

NatWest Group CEO Alison Rose stated that they had taken a “pretty hard line” on cryptocurrencies due to their instability and volatility, as well as potential fraud risks stemming from social media platforms and technology platforms that could be exploited by malicious actors looking to take advantage of unsuspecting investors or users in general.. She cited these factors as the primary source for why NatWest Group was implementing such strict measures when it comes to purchasing cryptocurrencies with their services or products (i.e., debit/credit cards).

Implications of Restrictions

These new limitations put U.K citizens at a disadvantage when it comes to acquiring bitcoin through traditional means like banks or other third parties involved in traditional financial transactions . As more developments take place regarding this issue it further highlights the need for more decentralized peer-to-peer exchanges that can facilitate no-KYC bitcoin transactions without relying on large financial institutions like banks or other third parties involved in traditional financial transactions..

Conclusion

In conclusion , British Banks such as Nationwide and HSBC have implemented restrictions against cryptocurrency purchases via debit/credit cards due to alleged financial risks associated with them . This is causing citizens of U.K difficulty when it comes to acquiring Bitcoin through traditional means . Therefore , there is an increasing need for more decentralized peer -to -peer exchanges which can facilitate no – KYC Bitcoin transactions without relying upon large banking entities .