One of the U.K.’s leading commercial banks, NatWest, has introduced new restrictions on users transacting with cryptocurrency exchanges in the latest clampdown to affect crypto users in the country. The move comes on the heels of tightening regulation for cryptocurrency exchanges in the U.K., with the chief regulator, the Financial Conduct Authority (FCA), intensifying its efforts to control the use of cryptocurrencies in the country.
NatWest puts a maximum limit on the amount that customers can send to exchanges in a day.
Banks in the NatWest group have reportedly introduced a maximum limit on the amount that customers can send to cryptocurrency exchanges in a single day. The undisclosed limit has been introduced to tackle what the bank says is excessively high levels of fraud and investment scams, which have plagued retail investors in recent months in the country. The cap imposed by NatWest also includes transfers for Binance, which has been the subject of increasing scrutiny from regulators in the U.K. and elsewhere in recent weeks.
The bank says the move is designed to protect customers from crypto frauds.
In a statement, NatWest said the move was designed to protect customers from criminals relying on cryptocurrency as a mechanism for conducting fraud and scams. “To protect our customers from the criminals exploiting these platforms, we’re temporarily reducing the maximum daily amount that a customer can send to cryptocurrency exchanges as well as blocking payments to a small number of cryptocurrency asset firms where we have seen particularly significant levels of fraud-related harm for our customers,” NatWest said in a statement. The restrictions are the latest steps from the major banking establishment to crackdown on cryptocurrency.