UK Banks' Crypto Restrictions an "Outrageous, Overreaching Diktat” says deVere's Green

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Increased limits on customer transactions with cryptocurrency exchanges at the UK's major banks amount to "an outrageous, overreaching diktat".

This is according to Nigel Green, CEO of deVere Group, in reaction to reports that the UK's biggest banks have "cracked down" by applying daily limits for customers.

deVere says the limits extend to restricting credit cards from making crypto purchases, banning customers from buying stocks of companies with Bitcoin exposure and, in some cases, temporarily freezing accounts.

"Your bank has no business telling you how or what to invest in, if what you’re planning to invest in is perfectly legal – which crypto is in the UK," says Green.

NatWest, one of the UK's largest banks, announced in March it would be restricting the amount its customers could send to cryptocurrency exchanges to, "help protect consumers losing life changing sums of money".

The move came in the same month Paysafe, an online payments provider which services numerous retail banks, said it would wind down services to UK customers of Binance, the world’s largest crypto exchange.

“This kind of control over people’s private, personal financial decision-making sounds like something from the pages of Orwell’s 1984 and goes against the values of Britain’s proud banking heritage," says Green.

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The start of March meanwhile saw Nationwide Building Society and HSBC toughened limits on retail customers’ access to cryptoassets.

"This is because of the possible risk to customers," HSBC said.

Green says while protecting customers is commendable he warns the actions they are imposing imply that potentially illicit activity is unique to crypto and not the traditional financial system – "which is, of course, complete nonsense".

"Why have they decided to ‘step up’ on crypto but not in other areas where their customers may or may not decide to invest?" he asks.

"What comes next? Will they move on to placing restrictions on those who invest in alcohol, tobacco or energy companies, or those who make political donations to parties they deem unsuitable, for example?"