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Intro: Nationwide Bank from the UK is watching cryptocurrency activity and putting extra safeguards on certain activities.
In yet another effort to put a hold on the cryptocurrencies, Nationwide Building Society, a UK Bank is assessing its crypto transactions policies. Joining the league of other banks in the UK, the banks are seeing their approach to the sexroe, including NatWest and Barclays.
The crypto watchdog has been cracking down on cryptocurrencies after sending binance a notice saying that the exchange is not allowed to conduct any regulated transactions in the country. The bank to hold on to the process of crypto transactions is reviewing its policies. The bank is monitoring all the crypto activities and putting extra efforts that could expose its clients to fraud.
The bank has sent tailor-made warnings and blocked the suspicious payments. The bank is taking extra measures to put a check on the transaction activities and set additional efforts in areas where fraudsters could easily target customers.
In an interview with a publication in the UK, the bank has told them that it was monitoring crypto activities and focusing more on the activities and being more vigilant regarding the activities which can put the clients more vulnerable to fraud. Blocking suspicious payments and offering tailored scam warnings are some of the activities that are under the lens of the bank.
Putting a curb on Barclay’s operations
Barclay to curb operations has blocked customers from using credit or debit cards to make payments to crypto exchange Binance. But the move does not prevent them from withdrawing funds from Binance.
The UK Financial Conduct Authority in June had banned the activities of Binance to conduct any regulatory activity in the country. Binance has been hit hard in recent months and has found itself at the centre of the banks’ crackdown. Multiple global regulators took tougher stands on the group’s activities.
Precautionary measures
Santander has seen a surge in the number of cryptocurrency accounts. Hence, it was reviewing its payments position to crypto exchanges. NatWest also put a curb on the withdrawals and deposits of daily amounts. Payments have been stopped by NatWest to a smaller number of cryptocurrency asset firms. Lloyds does not allow virtual currency payments on credit cards while other methods of payment are subject to assessment for fraud on a case to case basis.
There are more than 2.3 million people in the country owning cryptocurrencies in January. The people have not noticed the warnings put on by the FCA on the lack of investor protection. It is an irony of the country that out of 10 people only one has checked with the warning given by FCA.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
