Largest British Banking Group Banning Crypto

Major British Credit Card Issuers Ban Customers From Buying Cryptocurrencies

Major British Credit Card Issuers Ban Customers From Buying Cryptocurrencies

Britain’s largest banking group with 30 million customers, Lloyds Banking Group, said on Sunday that it will ban its credit card customers from buying bitcoin and other cryptocurrencies, Reuters reported.

Lloyds Banking Group operates the UK’s largest retail bank, Lloyds Bank, as well as other well-known brands: Bank of Scotland, Halifax, MBNA, Black Horse, LDC, AMC, Colleys, Scottish Widows, Lex Autolease, and Birmingham Midshires.

The group has “9 million credit card customers that it will block any attempts to buy bitcoin after the digital currency lost more than half its value in just two months,” the Telegraph reported, noting that debit cards are unaffected and customers can continue to buy cryptocurrencies using them. Citing that Lloyds has a quarter of the UK credit card market,