NatWest Imposes a Daily Limit on Cryptocurrency Trades

NatWest Imposes a Daily Limit on Cryptocurrency Trades

Ordinarily known as NatWest, National Westminster Bank is a significant retail and business bank in the United Kingdom. A representative for the bank disclosed to Reuters on Tuesday that because of concerns over investment fraud and scams, the bank has limited the day-by-day sum clients can ship off to digital currency trades.

The spokesperson for NatWest said.

“To protect our customers from the criminals exploiting these platforms, we’re temporarily reducing the maximum daily amount that a customer can send to cryptocurrency exchanges as well as blocking payments to a small number of cryptocurrency asset firms where we have seen particularly significant levels of fraud-related harm for our customers.”

The cap is transitory and was imposed on June 24 to focus on various cryptocurrency exchanges and digital asset firms, the representative added, noticing that the most extreme sum is commonly a large number of pounds yet the specific sum relies upon the platform.

On its site, the bank portrays the different strategies that scammers might utilize to trick clients into sending assets like Bitcoin or Ethereum that can be bought on various exchanges.

FCA Tightening Its Grip on Cryptocurrency Exchanges

The exchanges focused on by NatWest incorporate Binance, which the UK’s. Monetary regulator, the Financial Conduct Authority (FCA), gave a consumer notice about last week. The FCA said that Binance pulled out its application to enroll a crypto business in mid-May.

Under the crypto guideline, organizations needing to furnish crypto-related services should enlist with the FCA. It directs compliance with laws intended to forestall tax evasion and terrorist funding.

NatWest isn’t the solitary bank examining digital money exchanges. Recently, another British bank, TSB, said it wanted to ban crypto buys because of rising fraud cases.

Recommended for you

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.