• On March 14, 2023, Natwest Group announced new limits on cryptocurrency payments to combat U.K. crypto scams which cost consumers £329 million annually.
• The limit imposed is £1,000 daily and a 30-day limit of £5,000 with heightened risk of scamming.
• Natwest has previously categorized cryptocurrency assets as “high risk” and blocked payments to Binance due to the increased risk of scams.
Natwest Implements New Limits on Cryptocurrency Payments
On March 14th, 2023, the U.K.-based bank Natwest Group announced new limits on cryptocurrency payments in order to combat crypto scams that cost U.K. consumers £329 million annually. The imposed limit is £1,000 daily ($1,215), with a 30-day limit of £5,000 ($6,077).
Natwest’s Cautious Approach Towards Crypto Assets
In light of banking sector routs happening in other countries such as the United States due to the collapse of Silicon Valley Bank (SVB) and its subsidiary Silicon Valley Bank U.K Ltd., Natwest has taken extra caution when it comes to cryptocurrency payments by implementing these new limits. Additionally, criminals are using the „cost-of-living crisis“ as an opportunity to entice investors with promises of high returns, making men over the age 35 most at risk for crypto scams according to Natwest’s press release published on Tuesday.
Natwest’s Previous Restrictions On Crypto Payments
This is not the first time Natwest has limited transfers to cryptocurrency exchanges; they have done so before in June 2021 and specifically blocked payments from going through Binance citing increased risks for scamming customers in July 2021 as well. Furthermore, NatWest has often categorized cryptocurrencies as “high risk” investments since April 2021 when a member from their fraud protection unit stressed that customers should always be in control of their own wallets and nobody else should have access or otherwise it could be a scammer trying to steal funds from them.
In conclusion it seems that NatWest is taking a cautious approach towards digital currency investments due to their heightened risk for scamming customers and have implemented new limits accordingly in order reduce any potential losses for those who invest using their services or online portals such as Binance etcetera .