United Kingdom babanks HSBC Holdings and Nationwide Building Society are banning cryptocurrency purchases via credit cards for retail customers. They join a growing list of banks in the country to tighten restrictions on digital assets.the step back is a response to warnings by UK regulators and scandals surrounding the crypto industry.
Customers of HSBC were barred from making crypto purchases with their credit cards last month. “This is because of the possible risk to customers,” HSBC wrote in an email seen by Bloomberg. In both cases, the banks pointed to warnings issued by the Financial Conduct Authority , about the risks related to crypto assets.
Other banks in the UK with restrictions on crypto services are Santander, Natwest Group, and Lloyds Banking Group. Most of the restrictions target the crypto exchange Binance. HSBC
this all happening after G20 Finance & Central Bank Deputies Meetings that held recently.IMO
Banks beings banks, limits crypto transactions to protect us but it’s ok to spend it all on scratch cards or gambling 🤦♂️🤦♂️ well done
That's the thugry of old fraud financial system?
So you can still deposit £1,825,000 a year? Doesn’t seem like much of an issue to me.
Bloomberg reports that the step back follows warnings from U.K. regulators and scandals surrounding the crypto industry. On debit cards, Nationwide is limiting daily purchases to 5,000 British pounds ($5,965), and credit cards won't be available.
Fear does not shape Future HSBC It prevents from making progress.
Criminals.
Defi 'yield farming': borrow credit card APY to buy crypto then stake said crypto for triple digit yield. Money grow on trees, unless... 😂
Everyones buying as much crypto as they can before banks collapse. 🤣🤣🤣🤣🤣 Love it.
That’s probably not a bad thing. We do not need people buying things they can’t pay for.
Short-sighted :( NatWest is doing it well
The banks are seeing large outflows of 💵 into the crypto market. 🤑