Nationwide to launch new crackdown on cryptocurrency as high street lenders tighten controls following the collapse of FTX.
A Nationwide spokesperson told The Telegraph: “To help protect our members from cryptocurrency scams, the company plans to introduce a daily limit on payments to crypto assets in the near future. We will notify members when the changes are made.
Nationwide, the world’s largest construction society with 16 million members, currently has no payment limits on cryptocurrency, although it limits its ‘faster payments’ service to sums of £10,000 .
Nationwide’s planned policy change follows similar recent restrictions introduced at Starling Bank, Santander and Virgin Money.
On Tuesday, Starling Bank sent a note to customers informing them that they might not be able to withdraw money from cryptocurrency exchanges to their account. Starling Bank said: “We have made the decision to prevent all card payments to crypto merchants and to put in place new restrictions on outgoing and incoming transfers.”
Santander has imposed a limit of £1,000 per transaction on digital coin exchanges and £3,000 per month.
This week, Virgin Money introduced a crypto payment block to exchanges from personal and savings accounts.
Last year, TSB became the first major bank to prohibit customers from sending payments to cryptocurrency exchanges.