British bank Natwest sets a daily limit for transfers to cryptocurrency exchanges due to fraud issues – Finance Bitcoin News

A major UK bank, Natwest, has limited money transfers to cryptocurrency exchanges over concerns about fraud and fraud related to cryptocurrencies. The bank also blocks payments to a number of cryptocurrency asset firms. Natwest says the two steps are necessary to keep customers safe.

Natwest Places Limit for transfers to crypto exchanges

National Westminster Bank, commonly known as Natwest, is a major retail and commercial bank in the United Kingdom. A spokesman for the bank told Reuters Tuesday that the bank has capped the daily amount customers can send to cryptocurrency exchanges due to concerns about investment fraud and fraud.

“We have seen a high level of fraud in cryptocurrency investments aimed at our private and commercial banking customers, particularly through social media sites,” the spokesman said, explaining:

To protect our customers from criminals who exploit these platforms, we are temporarily reducing the maximum daily amount a customer can send to cryptocurrency exchanges and blocking payments to a small number of cryptocurrency asset firms where we have found particularly high fraud rates -related damage to our customers.

The cap is temporary and was imposed on June 24th to target a number of cryptocurrency exchanges and digital asset companies, the spokesman added, noting that the maximum amount is usually thousands of pounds, but the exact amount depends on the Platform depends.

Among the exchanges targeted by Natwest is Binance, which the UK’s Financial Conduct Authority (FCA) issued a consumer notice last week. The FCA announced that Binance withdrew its application to register a crypto business in mid-May.

According to the Crypto Regulation, companies wishing to offer crypto-related services must register with the FCA, which monitors compliance with laws to prevent money laundering and terrorist financing.

In May, Natwest warned customers with tips on how to avoid cryptocurrency fraud. “We prevented millions of pounds from being sent to crypto criminals who take advantage of the high level of interest in the currency,” the bank said at the time. In April there were reports that Natwest reportedly refused to serve companies that accept cryptocurrencies.

Natwest isn’t the only bank that reviews cryptocurrency transactions. Earlier this month, another UK bank, TSB, announced it would ban crypto purchases due to increasing fraud.

What do you think of Natwest’s crypto policy? Let us know in the comment section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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