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UK Bank NatWest Limits Amount Users Can Transfer to Crypto Exchanges
The bank has seen a "high level" of crypto investment scams, a company spokesman said.
U.K. bank NatWest has put a temporary limit on the amount customers can send to cryptocurrency exchanges because of concerns over investment scams and fraud.
STORY CONTINUES BELOW
- The bank is also blocking transfers to several cryptocurrency asset firms where it has identified significant levels of fraud-related harm to its customers, NatWest spokesman Andrew Neilson told CoinDesk.
- “We have seen a high level of cryptocurrency investment scams targeting our customers across retail and business banking, particularly through social media sites,” Neilson said in an emailed statement.
- On Saturday, the U.K.’s Financial Conduct Authority said Binance shouldn’t be operating in the country and isn't allowed to undertake any regulated activities without prior written approval.
- NatWest said it is keeping Binance’s place on the list of crypto companies affected under review, Reuters reported earlier.
Read more: UK Bank NatWest Denies Report it Will Totally Refuse Business Customers Who Deal in Crypto
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
