BEFORE YOU GO...
Check how Shufti Pro can verify your customers within secondsRequest Demo
Natwest bank is scrutinizing cryptocurrency transactions, including Binance transactions, due to rising concerns of investment scams.
National Westminster Bank (Natwest), has put a cap on the daily transfer limit to cryptocurrency exchanges, including Binance, over concerns of fraud and scams. Payments to a number of crypto asset firms have also been blocked by the bank. Natwest says these moves became necessary for the protection of customers.
The major retail and commerce bank revealed on Tuesday that the bank has capped daily amounts customers can transfer to crypto exchanges due to surging investment scams and frauds.
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