NatWest has joined the ranks of U.K. banks imposing restrictions on its customers making payments to cryptocurrency exchanges.
Customers will be limited to payments of 1,000 British pounds ($1,218) per day and 5,000 British pounds ($6,090) over a 30-day period, NatWest announced via email on Tuesday.
"NatWest is increasing customer protection against crypto-criminals after 329 million pounds was lost by consumers last year," the bank said.
"Criminals play on a lack of understanding of how cryptocurrency markets work and their unpredictability, to encourage investors to transfer money to exchanges, which are often set up in the customer’s own name by the criminal or by the victim, under duress from the criminal."
The bank joins its peers Nationwide and HSBC that both recently announced restrictions on crypto purchases. Both banks have prevented customers using their credit cards to purchase cryptocurrency, while Nationwide limits purchases on debit cards to 5,000 British pounds ($6,084) per day.
NatWest's new limits pertain to debit card transactions and transfers made out of customer accounts, a spokesperson told CoinDesk.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.