The Largest Banks in the United Kingdom Officially Ban Crypto Purchases with Credit Cards

7 Mar 2023

Hey Peeps!

On March 2nd, one of the largest banks in the United Kingdom, HSBC, officially banned customers from purchasing cryptocurrency using their credit cards.

According to a report by Bloomberg, HSBC is joined by another top bank, Nationwide, as they have also banned the the purchase of crypto with credit cards.

Nationwide took it even further by implementing “daily limits to debit card payments made to purchase cryptocurrency”.

The daily limit is capped at £5,000 a day, and if the amount is exceeded the transaction will be declined.

“There are certain risks with purchasing cryptocurrency, as highlighted by the Financial Conduct Authority (FCA). We’ve set up these restrictions to help protect you and to try and keep your money safe.
Statement from Nationwide

From an outsider’s perspective, United Kingdom is slowly but surely becoming one of the least crypto-friendly places in the entire world.

Since 2018, seven of the top banks in the UK have either outright banned cryptocurrency or have severely limited the ability of customers to make transactions related to Cryptocurrency.

The seven banks I mentioned are:

  • HSBC — Banned crypto purchases with credit cards.
  • Nationwide — Banned crypto purchases with credit cards, and imposed a daily transaction limit of £5,000.
  • Santander — Limits customers to single transactions of £1,000, with a total limit of £3,000 in any 30-day period.
  • Barclays — Banned customers from buying/selling crypto.
  • Starling — Banned customers from all crypto transactions.
  • Lloyds — Banned crypto purchases with credit cards.
  • NatWest — No longer does business with any cryptocurrency companies.

As you can see from the list above, the options for customers in the United Kingdom are drying up.

The way I see it, eventually there will be almost no banks or financial institutions, in the UK, that will deal with cryptocurrencies.

What are your thoughts on this news?

Any readers from the UK? I would like to hear your opinion on the current situation, as you right in the thick of it.

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