Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


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 of buying digital currencies.

Cryptocurrency prices surged in 2020 and 2021 before sharp declines last year as rising interest rates prompted investors to ditch riskier assets. A series of crypto collapses including the FTX exchange left investors with heavy losses, resulting in calls to regulate the sector.

Nationwide’s announcement follows similar moves by other UK banks. 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 to cryptocurrency exchanges.

Natwest Group introduced restrictions in 2021.

Nationwide’s website says the bank will continue to restrict payments made 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. Binance has said it regularly works with regulatory agencies to address questions they may have.

($1 = 0.8340 pounds)


(Editing by Sinead Cruise and David Goodman)


Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts