nationwide building society and hsbc holdings plc hsbc implemented new limits on retail customers’ access to cryptocurrency assets following industry scandals and regulatory warnings what happened nationwide building society announced thursday it would be applying daily limits of £5000 5965 on debitcard purchases of cryptocurrency assets and will no longer allow credit cards to be used for crypto purchases hsbc holdings has barred customers from making crypto purchases via its credit cards since last month “this is because of the possible risk to customers” hsbc said in an emailed statement to bloomberg both banks cited warnings issued by the financial conduct authority fca which labeled crypto as high risk for several years the fcas warnings prompted several uk banks to introduce cryptospecific limits on their customers with banco santander sa lloyds banking group plc lyg and natwest group plc nwg among them most major banks have also implemented exchangespecific restrictions with binance holdings ltd bnbusd being the most popular target also read ftx faces massive 22b asset shortfall in wallets associated with ftxcom ftxus exchanges why it matters the collapse of cryptocurrency exchange ftx fttusd in november has raised further concerns about the risks of cryptocurrencies global bodies including the financial stability board the international monetary fund and the financial action task force have repeatedly cautioned banks against the potential risks that cryptocurrency assets can pose to the traditional financial system us banks with close ties to the crypto sector are also facing growing scrutiny silvergate capital corp si a cryptofriendly bank on thursday sank to a record low after saying it was reviewing whether it could remain viable regulators including the federal reserve have urged financial institutions to be cautious of “potential heightened liquidity risks” presented by certain sources of funding from cryptorelated entities read next silvergate capital plagued by regulatory and liquidity challenges jpmorgan analyst says