"We have seen an increase in the number of scams using
cryptocurrency exchanges and we are acting to protect our
customers," said Stuart Skinner, head of fraud protection
at NatWest, which is one of Britain's domestic biggest lenders.
In June 2021 NatWest introduced some daily caps on
customers' crypto transfers to crypto exchanges, including top
platform Binance, with the limits varying in size depending on
the platform in question. It cited concerns over investment
scams and fraud.
Santander said in November last year that it would block
customers from sending real-time payments to cryptocurrency
exchanges some time this year.
($1 = 0.8213 pounds)
(Reporting by Elizabeth Howcroft
Editing by David Goodman
)
By Elizabeth Howcroft
LONDON, March 14 (Reuters) - Britain's NatWest has imposed new limits on the daily and monthly amount customers
can send to cryptocurrency exchanges, seeking to protect
consumers from "crypto-criminals", the bank said on Tuesday.
From Tuesday customer transfers to cryptocurrency exchanges
will be limited to 5,000 pounds ($6,088) per 30-day period, with
no more than 1,000 pounds per day, NatWest said.
Regulators around the world have warned of the risks of
scams and fraud in the largely unregulated world of crypto
trading.
Consumers across the UK lost 329 million pounds in crypto
crime last year, NatWest said, with the cost-of-living crisis
contributing to the problem as criminals lure investors with the
promise of high returns.
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