NatWest temporarily restricts transfers to crypto exchanges

Britain’s NatWest has temporarily restricted the amount of transfers to cryptocurrency exchanges amid concerns about investment fraud. Reuters reports, citing a bank spokesperson.

According to the publication, the new rules came into effect on June 24 and target a number of exchanges and digital asset-related companies. The maximum amount a bank customer can transfer to such a firm varies by platform and is usually limited to several thousand pounds.

In May, NatWest warned its customers about cryptocurrency-related fraud. The bank said that between January and March 2021 it received a record number of reports of crimes in the sector.

“To protect our customers from criminals using these [cryptocurrency] platforms, we have temporarily limited the maximum daily amount users can send to Bitcoin exchanges. We are also blocking payments to a small number of firms engaged in selling digital assets where the damage to our customers has been particularly significant,” the bank said.

Earlier, the UK’s Financial Conduct Authority prohibited Binance’s UK arm from conducting any regulated activity without prior written approval from the regulator.

In a discussion with CoinDesk, a NatWest spokesperson noted that Binance is also among the firms subject to the restrictions.

Earlier, another British bank — TSB — plans to ban retail customers from purchasing digital assets on the Binance and Kraken exchanges.

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