The British NatWest Bank limits trading to cryptocurrency exchanges
As the UK cryptocurrency crackdown continues, another high street bank has stepped up its efforts to limit customers’ use of digital assets.
According to a report by Reuters on June 29, the Natwest Group has reportedly capped the daily amount its customers can send to cryptocurrency exchanges due to concerns about fraud and investment fraud. However, it does not disclose what new limits will apply to fiat currency transfers.
The temporary limit came into effect on June 24th. Restrictions targeting certain crypto exchanges, including Binance. High Street Bank claims to serve 19 million UK customers
A NatWest spokesperson said a high level of crypto investment fraud has emerged against its customers recently, particularly through social media sites.
“To protect our customers from criminals who exploit these platforms, we are temporarily reducing the maximum daily amount that customers can send to crypto exchanges and blocking deposits. Payments to a small number of crypto asset companies that we specialize in have recorded high scores. ” of fraud that harms our customers. “
The restrictions imposed by NatWest come at a time when the UK’s Financial Conduct Authority (FCA) is tightening controls on cryptocurrency trading platforms.
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In April, the bank said it would refuse to serve corporate customers who accept payments in cryptocurrencies like Bitcoin, which the UK lender has classified as “high risk”.
On June 20, the UK financial institution TSB Banking Group announced that it would ban 5.4 million of its customers from buying crypto assets.
The restrictions don’t end with high street banks. On Monday June 28th, Binance suspended a popular local payment provider, Faster Payments, for UK customers, further limiting options for sending GBP to and from the exchange.