UK Bank NatWest Limits Amount Users Can Transfer to Crypto Exchanges
29 Jun, 2021•1 min read•Other
U.K. bank NatWest has put a temporary limit on the amount clients can send to cryptocurrency exchanges due to concerns over investment scams and fraud.
The bank is also blocking transfers to several cryptocurrency asset firms where it has identified significant levels of fraud-related harm for its customers, NatWest spokesperson Andrew Neilson told CoinDesk. “We have seen a high level of cryptocurrency investment scams targeting our customers across retail and business banking, particularly through social media sites,” Neilson said in an emailed statement. On Saturday, the U.K.’s Financial Conduct Authority said Binance shouldn’t be operating in the country and isn't allowed to undertake any regulated activities without prior written approval. NatWest said it is keeping Binance’s place on the list of crypto companies affected under review, Reuters reported earlier.