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UK Bank Nationwide to Review Its Cryptocurrency Policies: Report
The bank is monitoring cryptocurrency activity and placing extra safeguards on certain activities.
By James Rubin
Updated Sep 14, 2021, 1:21 p.m. Published Jul 6, 2021, 6:31 p.m.
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Nationwide Building Society is assessing its policies on cryptocurrency transactions, according to the U.K. business news publication Financial News.
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The bank joins other U.K. financial institutions that have been reviewing their approach to the sector, including NatWest and Barclays.
Nationwide told the publication it was monitoring cryptocurrency activity and placing extra safeguards on activities that could leave its clients more vulnerable to fraud. These activities include blocking suspicious payments and offering “tailored scam warnings.”
Barclays said Monday it was blocking customers from using their debit and credit cards to make payments to crypto exchange Binance, although the move does not prevent them from withdrawing funds from Binance.
In June, the U.K. Financial Conduct Authority (FCA) announced that Binance was not allowed to conduct any regulated activities in the country.
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UAE sits on $344 million unrealized profit from its bitcoin mining operations
Royal family-linked mining rigs are producing about 4 BTC a day, turning state-backed infrastructure into a steady sovereign bitcoin machine
What to know:
- The United Arab Emirates is sitting on an estimated $344 million in unrealized profit from the 6,782 bitcoin ($454 million) it has produced.
- The country’s mining operations, tied to Abu Dhabi’s royal family and major partnerships like Marathon Digital’s 250-megawatt project, continue to produce about 4.2 BTC a day.
- Unlike Western governments, which tend to acquire bitcoin through seizures, the UAE is building a strategic digital reserve by retaining most of the bitcoin it mines.
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