As the cryptocurrency crackdown continues in Britain, another main street bank ‘NatWest’ has intensified its efforts to curtail its users’ use of virtual assets.
The Natwest Group has reportedly capped the daily amount its users can send to cryptocurrency exchanges due to concerns over investment scams and fraud, consistent with a recent 29th June official report from Reuters. However, it had been not revealed what those new limits were in terms of fiat currency transfers.
The temporary cap was imposed earlier on 24th June. The restriction targets several crypto exchanges, along with Binance. The main street bank claims to serve 19 Mln users within the United Kingdom.
The spokesperson for NatWest outlined that it’s recently seen a high level of cryptocurrency investment scams targeting its users, particularly via social media sites, revealing:
“To secure our users from the criminals exploiting these platforms, we’re temporarily reducing the utmost daily amount that a user can send to cryptocurrency exchanges as well as blocking payments to a little number of cryptocurrency asset firms where we’ve seen particularly significant levels of fraud-related harm for our users.”
The restrictions imposed by NatWest come at a time when the United Kingdom financial watchdog, the FCA [Financial Conduct Authority], is tightening its grip on unregulated crypto trading platforms.
Also earlier in April, the bank added that it’ll refuse to serve business users who accept payment in crypto assets like Bitcoin [BTC], which the United Kingdom lender had categorized as “high risk.”