UK Bank Nationwide to Review Its Cryptocurrency Policies

UK bank Nationwide confirmed it will review its crypto-related policies after more institutions in the country declared they will reassess their approach to crypto as well.

The financial watchdog in the country began a crackdown on crypto which started with a notice sent to Binance in which it notified the exchange that it doesn’t have the right to conduct any regulated activities there.

This has made Nationwide Building Society decide to review its policies on crypto transactions as well. The bank revealed that it will offer extra precautions on activities that may let people be more exposed to fraud.

As a result, the bank is now blocking suspicious payments and has started to send “tailored scam warnings” in order the needed extra protection for its clients.

The institution wants to “monitor the situation regarding cryptocurrencies” and plans to add new checks in areas in which customers may be easy targets.

Nationwide is the latest UK bank that began to review its policies on digital assets, following NatWest and Santander. The former has even declared that it won’t serve business customers who accept crypto and even labeled them as being “high risk.” Furthermore, Barclays even suspended credit and debit card deposits to Binance in order to “keep customers’ money safe.”