{"id":8962,"date":"2021-06-30T11:54:31","date_gmt":"2021-06-30T11:54:31","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/british-bank-natwest-imposes-daily-limit-on-transfers-to-cryptocurrency-exchanges-over-fraud-concerns\/"},"modified":"2021-06-30T11:54:31","modified_gmt":"2021-06-30T11:54:31","slug":"british-bank-natwest-imposes-daily-limit-on-transfers-to-cryptocurrency-exchanges-over-fraud-concerns","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/british-bank-natwest-imposes-daily-limit-on-transfers-to-cryptocurrency-exchanges-over-fraud-concerns\/","title":{"rendered":"British Bank Natwest Imposes Daily Limit on Transfers to Cryptocurrency Exchanges Over Fraud Concerns"},"content":{"rendered":"

A major British bank, Natwest, has put a limit on fund transfers to cryptocurrency exchanges over concerns of fraud and scams related to cryptocurrencies. The bank is also blocking payments to a number of cryptocurrency asset firms. Natwest says the two moves are necessary to protect customers.<\/strong><\/p>\n

Natwest Places Limit on Transfers to Crypto Exchanges<\/h2>\n

National Westminster Bank, commonly known as Natwest, is a major retail and commercial bank in the United Kingdom. A spokesperson for the bank told Reuters Tuesday that the bank has capped the daily amount customers can send to cryptocurrency exchanges due to concerns over investment scams and fraud.<\/p>\n

\u201cWe have seen a high level of cryptocurrency investment scams targeting our customers across retail and business banking, particularly through social media sites,\u201d the spokesperson said, elaborating:<\/p>\n

To protect our customers from the criminals exploiting these platforms, we\u2019re temporarily reducing the maximum daily amount that a customer can send to cryptocurrency exchanges as well as blocking payments to a small number of cryptocurrency asset firms where we have seen particularly significant levels of fraud-related harm for our customers.<\/p>\n

The cap is temporary and was imposed on June 24 to target a number of cryptocurrency exchanges and digital asset firms, the spokesperson added, noting that the maximum amount is typically thousands of pounds but the exact amount depends on the platform.<\/p>\n

The exchanges targeted by Natwest include Binance<\/a>, which the U.K.\u2019s financial regulator, the Financial Conduct Authority (FCA), issued a consumer notice about last week. The FCA said that Binance withdrew its application to register a crypto business in mid-May.<\/p>\n

Under the crypto regulation, companies wanting to provide crypto-related services must register with the FCA, which oversees compliance with laws designed to prevent money laundering and terrorist financing.<\/p>\n

<\/p>\n

In May, Natwest alerted customers<\/a> with tips to avoid cryptocurrency scams. \u201cWe have prevented millions of pounds from being sent to crypto-criminals who are exploiting the high levels of interest in the currency,\u201d the bank said at the time. In April, there were reports that Natwest reportedly refused<\/a> to service businesses that accept cryptocurrencies.<\/p>\n

Natwest is not the only bank scrutinizing cryptocurrency transactions. Earlier this month, another British bank, TSB<\/a>, said it planned to ban crypto purchases due to increasing fraud cases.<\/p>\n

What do you think about Natwest\u2019s crypto policy? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nFinance, Binance, Crypto transfers, National Westminster Bank, NatWest, natwest binance, natwest bitcoin, natwest blocks crypto transactions, natwest crypto, natwest crypto exchanges, natwest cryptocurrency<\/p>\n","protected":false},"excerpt":{"rendered":"

A major British bank, Natwest, has put a limit on fund transfers to cryptocurrency exchanges over concerns of fraud and scams related to cryptocurrencies. The bank is also blocking payments to a number of cryptocurrency asset firms. Natwest says the two moves are necessary to protect customers. Natwest Places Limit on Transfers to Crypto Exchanges…<\/p>\n","protected":false},"author":0,"featured_media":8963,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8962"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8962"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8962\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8963"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}