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.

AccessTimeIconJun 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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.