THELOGICALINDIAN - NatWest says its acquisitive to assure barter from crypto scams and frauds
Natwest, one of the U.K.’s better bartering banks, has placed limitations on how abundant money barter can alteration to cryptocurrency exchanges per day.
NatWest Limits Transfers to Crypto Exchanges
NatWest has placed a circadian cap on affairs fabricated by its retail barter on cryptocurrency exchanges. The accommodation was fabricated afterwards the coffer due to a acceleration in scams and frauds involving cryptocurrency, Reuters appear Tuesday.
A NatWest agent told the aperture that they had witnessed alarming levels of scams involving cryptocurrency that are targeted appear retail customers.
The best armamentarium absolute that can be transacted anniversary day varies depending on a accurate exchange, and is “typically in the bags of pounds.”
According to a NatWest Twitter post, the coffer additionally restricts cryptocurrency affairs with assertive merchants begin to be affiliated with scams.
Previously in the ages of May, NatWest issued a warning about assorted scams accomplished through accepted cryptocurrencies. Such incidents accept developed by 1,000% back Oct. 2020 amidst animation in the prices of crypto assets.
On its website, the coffer describes the assorted methods that may be acclimated to ambush barter into sending assets like Bitcoin or Ethereum that can be purchased on assorted exchanges.
The restrictions imposed by NatWest appear at a time back U.K.’s banking babysitter Banking Conduct Authority (FCA) is abbreviating its anchor on able cryptocurrency trading platforms. Just a few canicule ago, the U.K. regulator banned Binance Markets Limited from operating in the country. The ban was appear afterwards Binance, the world’s better cryptocurrency exchange, withdrew its appliance to accurately annals in the country.
NatWest isn’t the alone U.K. coffer that’s taken a abrogating attitude adjoin cryptocurrencies. In May, HSBC’s CEO Neill Quinn said that the coffer was “not into Bitcoin as an asset class.” The adumbrative cited the amount animation as a agency abaft the bank’s aversions.
