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HSBC and Nationwide restrict customer crypto purchases

HSBC and Nationwide Building Society have become the latest UK lenders to impose restrictions on customers buying cryptocurrency, citing regulator concerns about the practice.

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HSBC and Nationwide restrict customer crypto purchases

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In a message to customers, Nationwide says it will not allow payments to crypto exchanges using its credit cards and will set a £5000 daily limit on debit card spending.

Explaining the move, it says: "There are certain risks with purchasing cryptocurrency, as highlighted by the Financial Conduct Authority."

Payments to one exchange, Binance, are banned completely.

Meanwhile, HSBC has put a block on crypto purchases using its credit cards, citing FCA concerns about the high-risk nature of the assets.

In November, Santander put in place a £3000 monthly limit on payments to cryptocurrency exchanges. NatWest has made similar moves.

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