# Britain’s Nationwide curbs cryptocurrency purchases by customers Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-03-02 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Nationwide Building Society restricts cryptocurrency Meta Description: Nationwide Building Society has limited payments to crypto exchanges using credit cards and capped adult current accounts at £5,000/day to address risks. Other URL: https://financedigest.com/britains-nationwide-curbs-cryptocurrency-purchases-by-customershtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-03-02t095953z1lynxmpej210d7rtroptp4nationwide-crypto-1736814391676-compressed.jpg) By Lawrence White and Elizabeth Howcroft LONDON (Reuters) – Britain’s Nationwide Building Society has restricted customers’ ability to buy cryptocurrencies, the lender said in an email to its members on Thursday. Nationwide said it will not allow payments to crypto exchanges using credit cards and will limit adult current accounts to 5,000 pounds ($5,995) of purchases per day. The building society said the move was in response to [regulatory concern over the risks](https://www.financedigest.com/is-regtechs-rise-one-way-tackle-the-international-regulatory-game-of-risk.html "Is Regtech’s rise one way tackle the international regulatory game of Risk?") of buying digital currencies. Cryptocurrency [prices surged in 2020 and 2021 before sharp declines last year](https://www.financedigest.com/hong-kong-home-prices-drop-15-6-in-2022-snap-13-years-of-gain.html "Hong Kong home prices drop 15.6% in 2022, snap 13 years of gain") as rising interest rates prompted investors to ditch riskier assets. A series of crypto collapses including the [FTX exchange left investors](https://www.financedigest.com/wave-of-lawsuits-over-ftx-expected-but-investors-will-face-legal-hurdles.html "‘Wave’ of lawsuits over FTX expected, but investors will face legal hurdles") with heavy losses, resulting in calls to regulate the sector. [Nationwide’s announcement follows similar moves by other UK banks](https://www.financedigest.com/comserve-to-support-allied-irish-bank-nationwide.html "COMSERVE TO SUPPORT ALLIED IRISH BANK NATIONWIDE"). In November, as part of measures to protect [customers from scams, Santander introduced limits on the amount customers could transfer to cryptocurrency exchanges and said it would soon block UK customers from sending any real-time payments](https://www.financedigest.com/2019-year-customers-take-control-payments.html "2019: The year customers take control of payments") to cryptocurrency exchanges. Natwest Group introduced restrictions in 2021. Nationwide’s website says the [bank will continue to restrict payments made](https://www.financedigest.com/fintech-v-the-banks-uneasy-bedfellows-or-a-match-made-in-heaven.html "FinTech v the Banks: Uneasy Bedfellows or a Match Made in Heaven?") to the Binance crypto exchange, citing “similar action from other providers, media coverage and regulatory uncertainty. The U.S. Department of Justice is investigating Binance for suspected money laundering and sanctions violations, [Reuters has previously reported](https://www.financedigest.com/indonesia-to-tighten-used-shoe-import-controls-after-reuters-report.html "Indonesia to tighten used shoe import controls after Reuters report"). Binance has said it regularly [works with regulatory agencies](https://www.financedigest.com/leading-london-advertising-agency-launches-bitcoin-bonus-scheme-encouraging-staff-to-use-artificial-intelligence-in-creative-work.html "Leading London Advertising Agency Launches ‘Bitcoin Bonus’ Scheme, Encouraging Staff To Use Artificial Intelligence In Creative Work") to address questions they may have. ($1 = 0.8340 pounds) (Editing by Sinead Cruise and David Goodman) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---