NatWest Group limits transactions in crypto
It is an open secret that the crypto field is again under pressure all around the world. While Bitcoin (BTC) is now legal in Salvador, the situation is far from here in other countries like China. Another country has just come onto the Bitcoin regulation scene. Many UK banks, notably NatWest Group, have reportedly decided to tighten restrictions on transactions involving cryptocurrencies.
Reducing cryptocurrency transfers via NatWest
According to the 29th June report by Reuters, NatWest Group has decided to cap the amounts of cryptocurrency its clients may send to their families and friends both inside the UK and abroad. With this measure, the bank wants to control the transactions better and to fight against investment scams and fraud.
Currently, the information concerning the establishment of new caps is being checked. Although, the new maximum amounts are still unknown or at least the bank keeps them confidential.
The spokesperson for NatWest Group stated it’s high time for the decision to arise since he had personally seen a significantly increased number of investment fraud cases.
“To protect our customers from the criminals exploiting these platforms, we’re temporarily reducing the maximum daily amount that a customer can send to cryptocurrency exchanges,” announced the bank. It also expresses the intent to block “payments to a small number of cryptocurrency asset firms where we have seen particularly significant levels of fraud-related harm for our customers.”
More secure market thanks to restrictions
The new restrictions NatWest is planning to introduce fall together with the Financial Conduct Authority (FCA)’s tightening the rules the cryptocurrency trading platforms are to comply with. In April, the bank refused to provide its services to business clients accepting payments in cryptocurrencies including Bitcoin on the basis that digitals assets are a “high risk”.
NatWest Group is not the only institution which wants to tighten the screws on the crypto market. On 20th June, TSB Banking Group announced that its 5.4 million clients should no longer buy cryptocurrencies.
The Binance exchange is also engaged in fighting scams and fraud in the digital asset field. On Monday, June 28th, Binance suspended the popular local payments provider, Faster Payments, for its UK customers, further limiting the options for moving GBP to and from the exchange.
The UK is once again tightening restrictions on the use of cryptocurrencies in the country. From now, NatWest Group’s clients will have to respect the limits for cryptocurrency transactions defined by the bank.