© Reuters.
Investing.com – British banks have banned the purchase of cryptocurrencies with credit cards for their retail customers, thereby tightening restrictions on the use of digital assets, writes Cointelegraph.
This was the response of the largest banks to the warnings of British regulators and scandals in the crypto industry. Nationwide has applied a daily limit of 5,000 British pounds ($5,965) to the purchase of crypto assets with a debit card, and credit cards themselves will no longer be available for crypto transactions.
Such measures are associated with a possible risk for customers. In particular, there are warnings from the Financial Conduct Authority (FCA) about the risks associated with crypto assets.
Also, other UK banks have introduced restrictions on services with cryptocurrencies: Santander, Natwest Group and Lloyds Banking Group (LON:). This mainly concerns the Binance crypto exchange. HSBC banned Binance credit card payments in August 2021.
According to the regulator’s rules, the leaders of cryptocurrency firms can be sentenced to 2 years in prison if they do not meet certain conditions. At the same time, all providers, including crypto ATM operators, must be registered and comply with anti-money laundering regulations.
— Materials of Cointelegraph were used in the preparation
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