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UK bank NatWest restricts transfers to crypto exchanges

Natwest

TL;DR Breakdown

  • The regulatory pressure on digital assets has been increasing in the country of Britain.
  • The NatWest Groups put a lid on the amount of fiat an investor can send to crypto exchanges.
  • Various other banking firms have also done the same owing to several cases of scams and frauds.

Along with crypto adoption across the world, the citizens of Britain have started investing in huge numbers too. According to recent studies, the youngsters in Britain would likely invest in cryptocurrencies rather than stocks. The popularity of crypto investment in Britain definitely brought the attention of the government as well as banking firms like NatWest Groups.

Due to the surge in demand for crypto, NatWest has imposed a limit to the amount of fiat currency (like USD or British Pound) that can be sent to crypto exchanges around the country. The limit in terms of fiat as of yet hasn’t been disclosed. The reason for this limitation imposed on transactions has been claimed to provide protection to citizens from scams.

The NatWest transaction restriction aims to control scams

The NatWest transaction restriction aims to control scams and fraudulent schemes from taking place in the country. The firm believes that crypto exchanges can be used to scam its customers, and therefore, to prevent the loss of hard-earned money of their customers, NatWest has put a limit to the fiat one can send from their bank account to their spot wallet.

The bank currently holds the accounts of 19 million people in the United Kingdom, and it is one of the biggest high-end financial institutions in the country. At first, there was a temporary limit that was put on the accounts of customers. These restrictions were applicable to several exchanges, including the world’s biggest exchange, Binance.

According to authorities at NatWest, there has been a surge in the number of scams that are happening in Britain, and customers may suffer. It is imperative to subdue the rise of crypto-related frauds.

Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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