Home Bitcoin News Bitcoin Scam British Financial institution Natwest Implements New Limits on Cryptocurrency Funds to Fight UK Crypto Scams – Bitcoin Information – Bitcoin Information

British Financial institution Natwest Implements New Limits on Cryptocurrency Funds to Fight UK Crypto Scams – Bitcoin Information – Bitcoin Information

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On March 14, 2023, the U.Ok.-based financial institution Natwest Group introduced new limits on cryptocurrency funds, citing crypto scams that price U.Ok. customers £329 million yearly. The restrict imposed on crypto exchanges is £1,000 every day ($1,215), with a 30-day restrict of £5,000 ($6,077).

Natwest’s Cautious Method In direction of Crypto Property Prompts One other Switch Restrict

Amid the banking sector rout in america following the collapse of Silicon Valley Financial institution (SVB) and its subsidiary, Silicon Valley Bank U.K. Ltd., the Edinburgh-based monetary establishment Natwest is limiting cryptocurrency funds. Natwest, nonetheless, cites cryptocurrency scams in the UK that price customers £329 million ($399 million) yearly as the rationale for the restrict. The financial institution’s discover additionally signifies that males over the age of 35 are “most in danger” of such scams.

Natwest’s press launch, printed on Tuesday, particulars that “cryptocurrency investments are sometimes made by respectable change platforms.” The British banks added that these “web sites let clients purchase, promote or change cryptocurrencies for different digital foreign money or conventional foreign money.” Natwest additionally emphasizes that, along with males over the age of 35, criminals are utilizing the “cost-of-living disaster” to entice traders with the promise of excessive returns.”

“You need to at all times have sole management of your cryptocurrency pockets and no one else ought to have entry,” famous Stuart Skinner, head of Natwest’s fraud safety unit. “In case 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. Now we have seen a rise within the variety of scams utilizing cryptocurrency exchanges and we’re performing to guard our clients.”

This isn’t the primary time Natwest has restricted transfers to cryptocurrency exchanges. The financial institution set a temporary limit in June 2021, and the next month, it specifically blocked funds to Binance, citing the heightened threat of cryptocurrency scams. Natwest has usually categorized cryptocurrency belongings as “excessive threat” up to now. In April 2021, simply earlier than the primary restrict was imposed, a Natwest threat supervisor stated: “Now we have no urge for food for coping with clients” who transact with cryptocurrencies.

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Binance, cautious approach, collapse, consumer protection, Cryptocurrency Assets, cryptocurrency exchanges, Cryptocurrency Payments, Customers, Digital Currency, Edinburgh, enticement, Financial Institutions, fraud protection, high returns, high risk, increased risk, Investors, legitimate exchange platforms, men over 35, Money Laundering, Natwest Bank, Natwest Banking, Natwest Group, online security, past actions, press release, risk management, safety measures, Scams, Silicon Valley Bank, Silicon Valley Bank UK Ltd, Stuart Skinner, subsidiary, temporary limit, traditional currency, transfers, UK crypto scams, United States, wallet control

What do you consider Natwest limiting crypto funds to digital foreign money exchanges? Share your ideas about this topic within the feedback part under.

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist dwelling in Florida. Redman has been an energetic member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 6,000 articles for Bitcoin.com Information in regards to the disruptive protocols rising at the moment.

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