UK Banks Block Crypto Purchases, Showing Need for Decentralized Exchanges

  • British banks, such as Nationwide and HSBC, have placed new limits on their customers’ cryptocurrency purchases with debit cards and banned purchases with credit cards.
  • Most of the major UK banks have implemented exchange-specific restrictions, with Binance Holdings Ltd. being the most popular target.
  • NatWest Group’s CEO has cited instability and volatility of platforms and risk of fraud as the primary reasons for taking a “hard line” on cryptocurrency.

Crackdown on Cryptocurrency Purchases in the U.K.

British banks have continued to restrict their customers from purchasing cryptocurrencies. The two latest banking giants to impose new limits are Nationwide and HSBC who are no longer allowing customers to purchase cryptos via credit cards.

Limits Implemented by U.K Banks

Nationwide informed its customers that daily limits of £5,000 ($5,965) would be set for debit card purchases while no crypto can be bought via credit cards. HSBC also stated that they barred customers from making crypto purchases through their credit cards since last month. Most U.K. banks have implemented exchange-specific restrictions with Binance Holdings Ltd., the world’s largest crypto platform, being the most targeted one.

Reasons Behind Crackdown

NatWest Group’s CEO Alison Rose explained how her bank took a “pretty hard line” on cryptocurrency due to instability and volatility of platforms along with risk of fraud primarily coming from social media and technology platforms.

Effects of Limitations

Such developments place U.K citizens at a further disadvantage when it comes to acquiring Bitcoin which highlights the need for more decentralized, peer-to-peer exchanges that can facilitate no-KYC bitcoin transactions.


These new limitations imposed by British banks leave customers restricted in their ability to purchase cryptocurrencies highlighting an evergrowing need for decentralized exchanges that provide no KYC transactions in order to help those within the U.K acquire these digital assets more easily