British Bank Natwest Implements New Limits on Cryptocurrency Payments to Combat UK Crypto Scams

On March 14, 2023, the U.K.-based slope Natwest Group announced caller limits connected cryptocurrency payments, citing crypto scams that outgo U.K. consumers £329 cardinal annually. The bounds imposed connected crypto exchanges is £1,000 regular ($1,215), with a 30-day bounds of £5,000 ($6,077).

Natwest’s Cautious Approach Towards Crypto Assets Prompts Another Transfer Limit

Amid the banking assemblage rout successful the United States pursuing the illness of Silicon Valley Bank (SVB) and its subsidiary, Silicon Valley Bank U.K. Ltd., the Edinburgh-based fiscal instauration Natwest is limiting cryptocurrency payments. Natwest, however, cites cryptocurrency scams successful the United Kingdom that outgo consumers £329 cardinal ($399 million) annually arsenic the crushed for the limit. The bank’s announcement besides indicates that men implicit the property of 35 are “most astatine risk” of specified scams.

Natwest’s property release, published connected Tuesday, details that “cryptocurrency investments are often made done morganatic speech platforms.” The British banks added that these “websites fto customers buy, merchantability oregon speech cryptocurrencies for different integer currency oregon accepted currency.” Natwest besides emphasizes that, successful summation to men implicit the property of 35, criminals are utilizing the “cost-of-living crisis” to entice investors with the committedness of precocious returns.”

“You should ever person sole power of your cryptocurrency wallet and cipher other should person access,” noted Stuart Skinner, caput of Natwest’s fraud extortion unit. “If you didn’t acceptable the wallet up yourself oregon can’t entree the wealth past this is apt to beryllium a scam. We person seen an summation successful the fig of scams utilizing cryptocurrency exchanges and we are acting to support our customers.”

This is not the archetypal clip Natwest has constricted transfers to cryptocurrency exchanges. The slope acceptable a temporary limit successful June 2021, and the pursuing month, it specifically blocked payments to Binance, citing the heightened hazard of cryptocurrency scams. Natwest has often categorized cryptocurrency assets arsenic “high risk” successful the past. In April 2021, conscionable earlier the archetypal bounds was imposed, a Natwest hazard manager said: “We person nary appetite for dealing with customers” who transact with cryptocurrencies.

What bash you deliberation astir Natwest limiting crypto payments to integer currency exchanges? Share your thoughts astir this taxable successful the comments conception below.

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