UK’s NatWest bank put limits on transactions of crypto exchanges

By Clark

NatWest and alternative U.K. street banks have ramped crypto curbs amid recent regulatory pressure on the world.

As the crypto quelling continues in Britain, another street bank has intensified its attempt to curtail its customers’ use of digital assets.

The Natwest Group has reportedly capped the daily quantity its customers will send to cryptocurrency exchanges because of considerations over investment scams and fraud, a report came on June 29 from Reuters. However, it had not been discovered what those new limits were in terms of edict currency transfers.

The temporary cap was obligatory on June 24. The restriction targets many cryptocurrency exchanges, together with Binance. The street bank claims to serve 19M customers within the U.K.

The representative for NatWest declared that it’s recently seen a high level of cryptocurrency investment scams targeting its customers, significantly through social media sites, addi:

“To shield our customers from the criminals exploiting these platforms, we’re temporarily reducing the most daily amount that a customer will send to cryptocurrency exchanges also as well as blocking payments to small low range of cryptocurrency asset companies wherever we’ve seen significantly levels of fraud-related damage for our customers.”

The restrictions obligatory by NatWest return at a time once the U.K. monetary watchdog, the Financial Conduct Authority (FCA), is modifying its grip on unregulated cryptocurrency commerce platforms.

In April, the bank declared it’ll refuse to serve business customers UN agency settle for payment in cryptocurrencies like Bitcoin, that the United Kingdom investor had classified as “high risk.”

On June 20 United Kingdom-based financial organization TSB Banking Group declared that it’ll be expelling its 5.4 million customers from buying crypto assets.

The restrictions don’t finish with street banks. On Monday, June 28, Binance suspended the favored native payments supplier, Faster Payments, for its U.K. customers, further limiting the choices for moving GBP to and from the exchange.