UK Bank Nationwide to Review Its Cryptocurrency Policies: Report

The bank is monitoring cryptocurrency activity and placing extra safeguards on certain activities.

AccessTimeIconJul 6, 2021 at 6:31 p.m. UTC
Updated Sep 14, 2021 at 1:21 p.m. UTC

Nationwide Building Society is assessing its policies on cryptocurrency transactions, according to the U.K. business news publication Financial News.

The bank joins other U.K. financial institutions that have been reviewing their approach to the sector, including NatWest and Barclays.

Nationwide told the publication it was monitoring cryptocurrency activity and placing extra safeguards on activities that could leave its clients more vulnerable to fraud. These activities include blocking suspicious payments and offering “tailored scam warnings.”

Barclays said Monday it was blocking customers from using their debit and credit cards to make payments to crypto exchange Binance, although the move does not prevent them from withdrawing funds from Binance.

In June, the U.K. Financial Conduct Authority (FCA) announced that Binance was not allowed to conduct any regulated activities in the country.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.