Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Home Headlines NatWest limits customers’ crypto transfers, citing scam concerns
Headlines

NatWest limits customers’ crypto transfers, citing scam concerns

by Uma

By Elizabeth Howcroft

LONDON (Reuters) – Britain’s NatWest has imposed new limits on the daily and monthly amount customers can send to cryptocurrency exchanges, seeking to protect consumers from “crypto-criminals”, the bank said on Tuesday.

From Tuesday customer transfers to cryptocurrency exchanges will be limited to 5,000 pounds ($6,088) per 30-day period, with no more than 1,000 pounds per day, NatWest said.

Regulators around the world have warned of the risks of scams and fraud in the largely unregulated world of crypto trading.

Consumers across the UK lost 329 million pounds in crypto crime last year, NatWest said, with the cost-of-living crisis contributing to the problem as criminals lure investors with the promise of high returns.

“We have seen an increase in the number of scams using cryptocurrency exchanges and we are acting to protect our customers,” said Stuart Skinner, head of fraud protection at NatWest, which is one of Britain’s domestic biggest lenders.

In June 2021 NatWest introduced some daily caps on customers’ crypto transfers to crypto exchanges, including top platform Binance, with the limits varying in size depending on the platform in question. It cited concerns over investment scams and fraud.

Santander said in November last year that it would block customers from sending real-time payments to cryptocurrency exchanges some time this year.

($1 = 0.8213 pounds)

 

(Reporting by Elizabeth Howcroft; Editing by David Goodman)

 

Recent Post