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UK Bank Nationwide to Review Its Cryptocurrency Policies: Report

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

Jul 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.

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