NatWest limits cryptocurrency transfers over scam fears

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

From as we speak, clients will be capable to switch a most of £1,000 a day to such exchanges, and not more than £5,000 per 30 days.

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

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

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 shoppers shedding an estimated £329m from such legal acts.

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

“It’s best to all the time have sole management of your cryptocurrency pockets and no one else ought to have entry,” he stated.

“In the event you didn’t set the pockets up your self or can’t entry the cash then that is more likely to be a rip-off.”

In June 2021, NatWest launched some day by day caps on clients’ transfers to crypto exchanges, with the boundaries various in dimension 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 handle the issue itself.

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

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