UK Bank NatWest Limits Amount Users Can Transfer to Crypto Exchanges

The bank has seen a "high level" of crypto investment scams, a company spokesman said.

Jun 29, 2021 at 1:27 p.m. UTC
Updated Sep 14, 2021 at 1:18 p.m. UTC

U.K. bank NatWest has put a temporary limit on the amount customers can send to cryptocurrency exchanges because of 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 to its customers, NatWest spokesman 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.
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