NatWest limits cryptocurrency transfers over scam fears

NatWest is limiting the amount of cash prospects can switch to cryptocurrency exchanges.

From immediately, prospects will be capable to switch a most of £1,000 a day to such exchanges, and not more than £5,000 per thirty days.

The financial institution says it’s to guard prospects from “crypto-criminals” searching for to rip-off them.

Most cryptocurrencies are usually not regulated within the UK, however the authorities has set out regulatory plans for the trade.

NatWest head of fraud safety Stuart Skinner stated the financial institution had seen a rise within the variety of scams linked to cryptocurrency, with UK customers dropping an estimated £329m from such legal acts.

He additionally gave recommendation to assist individuals keep away from being duped.

“You must at all times have sole management of your cryptocurrency pockets and no person else ought to have entry,” he stated.

“For those who didn’t set the pockets up your self or can’t entry the cash then that is prone to be a rip-off.”

In June 2021, NatWest launched some day by day caps on prospects’ transfers to crypto exchanges, with the boundaries various in measurement relying on the platform in query.

On the time, it cited considerations over funding scams and fraud.

Benoit Marzouk, chief govt of BitcoinPoint, a crypto buying and selling app registered with the Monetary Conduct Authority (FCA), stated the boundaries imposed by NatWest have been too restrictive and didn’t deal with the issue itself.

“Banks ought to as an alternative deal with educating their customers about the commonest scams shoppers are falling sufferer to, sometimes the ‘restoration of your funds’ or demanding that you just pay a withdrawal charge previous to the ‘launch of funds’,”.

Back To Top