Nationwide is to launch a fresh crackdown on cryptocurrency, as high street lenders tighten controls in the wake of the collapse of FTX.
A Nationwide spokesman told The Telegraph: “To help protect our members from cryptocurrency scams, the society is planning to introduce a daily limit on payments to crypto assets in the near future. We will update members when the changes are brought in.”
Nationwide, the world’s largest building society with 16 million members, currently has no payment limits on cryptocurrency, although it does limit its “faster payments” service to sums of £10,000.
The planned policy change from Nationwide 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 may not be able to withdraw money from cryptocurrency exchanges to their account. Starling Bank said: “We’ve taken the decision to prevent all card payments to crypto merchants and to implement further restrictions on outgoing and incoming transfers.”
Santander has placed a limit of £1,000 per transaction to digital coin exchanges and £3,000 per month.
This week, Virgin Money introduced a block on crypto payments to exchanges from personal and savings accounts.
Last year, TSB became the first major bank to ban customers from sending any payments to cryptocurrency exchanges.