• NatWest Bank is limiting its customers’ daily transfers to digital currency exchanges as a way of preventing fraud.
• The bank has experienced a rising number of crypto scams and customers have lost close to 330 million pounds.
• Binance has also announced that its customers can no longer make deposits or withdrawals using the pound sterling.
NatWest Bank Is Limiting Crypto Transfers
NatWest, a retail and commercial bank, is limiting how much money its customers can transfer to digital currency exchanges in order to prevent fraud. Customers will not be able to transfer more than 1,000 pounds or exceed 5,000 pounds per month. This rule applies across all of the bank’s customers regardless of their individual circumstances.
Rising Number Of Crypto Scams
Stuart Skinner, head of fraud protection at NatWest, states that the bank has seen a growing number of crypto scams in recent years resulting in losses totaling around 330 million pounds. He urges people to have sole control over their cryptocurrency wallet and not give anyone else access if they didn’t set it up themselves.
In addition to NatWest’s restrictions on crypto transfers, Binance – which currently has around 130 million customers – has declared that its users are no longer permitted to make deposits or withdrawals with the pound sterling.
The measures being taken by NatWest and Binance are intended to reduce the risk of fraud for their customers by making it more difficult for criminals to take advantage of them financially through cryptocurrencies. By imposing these restrictions, both banks hope that potential victims will be better protected from scammers and other malicious actors in the space.
Benoit Marzouk – chief executive at Bitcoin Point – believes that banks should focus more on educating their users about common scams instead of simply imposing limits on transfers as this may still leave them vulnerable in some cases. Banks should provide information about what types of activities could indicate a scam so that individuals can remain vigilant when interacting with digital currencies online.