The NatWest bank has limited the amount UK clients can send to cryptocurrency exchanges per day due to concerns over investment scams and fraud.
The Natwest Group has capped the amount its clients can send to cryptocurrency exchanges per day. This comes as a move from the bank to curb cryptocurrency investment scams and fraud.
Reuters revealed this yesterday, stating that the bank is concerned about the numerous investment scams and frauds in the cryptocurrency space. However, the report didn’t reveal how much the bank has set as the daily limit to its clients.
Natwest bank imposed the temporary limit on 24 June, and the restriction is affecting numerous cryptocurrency exchanges, including Binance. A spokesperson for the bank said Natwest had to take the measures because it is seeing numerous crypto investment scams targeting its customers.
“To protect our customers from the criminals exploiting these platforms, we’re temporarily reducing the…