Natwest Caps Transfer Limit to Binance Over Fraud Concerns

The retail banking giant has imposed limits on how much can be transferred to crypto exchanges, and which exchanges it will process transactions to. https://t.co/q5PDPtMMfx

— Cointelegraph (@Cointelegraph) June 30, 2021

The spokesperson for the bank elaborated:

“We have seen a high level of cryptocurrency investment scams targeting our customers across retail and business banking, particularly through social media sites”. 

The spokesperson added that the transfer limit imposition is temporary and was imposed on June 24 to target several cryptocurrency exchanges and digital asset firms. While the amount limit is typically in thousands, the exact amount depends on the platform. 

The exchanges targeted by Natwest include Binance, the largest cryptocurrency platform in the world. 

Under the country’s crypto regulations, firms are required to register themselves with the Financial Conduct Authority (FCA), which is the regulatory body responsible for monitoring compliance with laws designed to prevent money laundering and terrorist financing.

Suggested Read: FCA Takes NatWest to Court over Money Laundering Charges