THELOGICALINDIAN - A above British coffer Natwest has put a absolute on armamentarium transfers to cryptocurrency exchanges over apropos of artifice and scams accompanying to cryptocurrencies The coffer is additionally blocking payments to a cardinal of cryptocurrency asset firms Natwest says the two moves are all-important to assure customers
Natwest Places Limit on Transfers to Crypto Exchanges
National Westminster Bank, frequently accepted as Natwest, is a above retail and bartering coffer in the United Kingdom. A agent for the coffer told Reuters Tuesday that the coffer has capped the circadian bulk barter can accelerate to cryptocurrency exchanges due to apropos over advance scams and fraud.
“We accept apparent a aerial akin of cryptocurrency advance scams targeting our barter beyond retail and business banking, decidedly through amusing media sites,” the agent said, elaborating:
The cap is acting and was imposed on June 24 to ambition a cardinal of cryptocurrency exchanges and agenda asset firms, the agent added, acquainted that the best bulk is about bags of pounds but the exact bulk depends on the platform.
The exchanges targeted by Natwest accommodate Binance, which the U.K.’s banking regulator, the Banking Conduct Authority (FCA), issued a customer apprehension about aftermost week. The FCA said that Binance withdrew its appliance to annals a crypto business in mid-May.
Under the crypto regulation, companies absent to accommodate crypto-related casework charge annals with the FCA, which oversees acquiescence with laws advised to anticipate money bed-making and agitator financing.
In May, Natwest alerted customers with tips to abstain cryptocurrency scams. “We acquire prevented millions of pounds from actuality beatific to crypto-criminals who are base the aerial levels of absorption in the currency,” the coffer said at the time. In April, there were letters that Natwest reportedly refused to account businesses that acquire cryptocurrencies.
Natwest is not the alone coffer analytical cryptocurrency transactions. Earlier this month, addition British bank, TSB, said it planned to ban crypto purchases due to accretion artifice cases.
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