UK Banks Ramp Up Crypto Restrictions With New Retail Limits

Nationwide Building Society and HSBC Holdings Plc toughened limits on retail customers’ access to cryptoassets in the last week, becoming the latest UK banks to impose curbs after industry scandals and regulatory warnings.

Nationwide is applying daily limits of £5,000 ($5,965) on debit-card purchases of cryptoassets, the building society informed customers on Wednesday, while its credit cards can no longer be used to buy crypto. HSBC said it barred customers from making crypto purchases via its credit cards from last month.

“This is because of the possible risk to customers,” HSBC said in an emailed statement. Both banks pointed to ...