LONDON, March 14 (Reuters) – Britain’s NatWest (NWG.L) has imposed new limits on the day by day and month-to-month quantity clients can ship to cryptocurrency exchanges, in search of to guard shoppers from “crypto-criminals”, the financial institution stated on Tuesday.
From Tuesday buyer transfers to cryptocurrency exchanges will likely be restricted to five,000 kilos ($6,088) per 30-day interval, with not more than 1,000 kilos per day, NatWest stated.
Regulators around the globe have warned of the dangers of scams and fraud within the largely unregulated world of crypto buying and selling.
Customers throughout the UK misplaced 329 million kilos in crypto crime final yr, NatWest stated, with the cost-of-living disaster contributing to the issue as criminals lure buyers with the promise of excessive returns.
“We now have seen a rise within the variety of scams utilizing cryptocurrency exchanges and we’re performing to guard our clients,” stated Stuart Skinner, head of fraud safety at NatWest, which is one among Britain’s home greatest lenders.
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In June 2021 NatWest launched some day by day caps on clients’ crypto transfers to crypto exchanges, together with prime platform Binance, with the bounds various in dimension relying on the platform in query. It cited considerations over funding scams and fraud.
Santander stated in November final yr that it might block clients from sending real-time funds to cryptocurrency exchanges a while this yr.
($1 = 0.8213 kilos)
Reporting by Elizabeth Howcroft
Enhancing by David Goodman
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