Leading UK Banks Restrict Crypto Purchases: Report

• HSBC and Nationwide have reportedly blocked customers from purchasing crypto assets with their credit cards.
• Other UK banking giants such as Lloyds Banking Group Plc, Banco Santander SA, and Natwest Group Plc have announced similar restrictions.
• These measures follow the collapse of several industry giants in 2022, resulting in substantial losses.

Leading UK Banks Impose Restrictions on Crypto Purchases

UK banking heavyweights HSBC and Nationwide have implemented new rules to restrict customers from purchasing cryptocurrency via credit cards. This comes after a turbulent year for the crypto industry, which resulted in numerous failures of major players.

HSBC & Nationwide Implement Credit Card Bans

HSBC has completely barred its clients from using their credit cards to buy cryptocurrencies due to potential risks associated with it. Similarly, Nationwide Building Society has imposed a £5,000 (nearly $6,000) daily limit on debit-card purchases of digital assets.

Lloyds Banking Group & Other Giants Follow Suit

Several other leading British banks such as Lloyds Banking Group Plc, Banco Santander SA and Natwest Group Plc have also applied similar regulations on their customers’ crypto purchases. For instance, Santander’s users are limited to a £1,000 ($1,200) per transaction and £3,000 ($3,600) in any rolling 30-day period.

Background: Industry Collapses in 2022

The adoption of these stricter policies follows a string of collapses within the industry during 2022 which led to significant financial losses for investors. Examples include Terra/LUNA crashing in May followed by Three Arrows Capital (3AC) and Celsius Network collapsing later that year – leading up to FTX (a once highly valued exchange at $32 billion) going out of business in November.


In conclusion, HSBC and other banking institutions across the UK are tightening their grip on cryptocurrency transactions by blocking access via credit cards or implementing maximum limits on debit-card purchases – all due to concerns over potential risks associated with this asset class following multiple high profile bankruptcies earlier this year.