2 mins read UK bank NatWest has announced it will limit the amount of money customers can transfer to crypto exchanges in order to protect them from ‘crypto-criminals’.
Customers will be able to transfer a maximum of £1,000 a day to crypto exchanges and no more than £5,000 a month.
According to NatWest head of fraud protection Stuart Skinner, the bank has seen an increase in scams linked to cryptocurrency, with customers losing an estimated £329m to date.
Skinner said: “You should always have sole control of your cryptocurrency wallet and nobody else should have access.
“If you didn't set the wallet up yourself or can't access the money then this is likely to be a scam.”
NatWest previously limited customer transfers to crypto exchanges back in 2021, introducing daily caps varying in size depending on which exchange they were using.
At the time, Benoit Marzouk, chief executive of BitcoinPoint, a crypto trading app registered with the Financial Conduct Authority told the BBC the limits imposed by NatWest were too restrictive and did not address the problem itself.
“Banks should instead focus on educating their users about the most common scams clients are falling victim to, typically the ‘recovery of your funds' or demanding that you pay a withdrawal fee prior to the ‘release of funds’”, he said.
While most cryptocurrencies are not regulated in the UK, the government has set out regulatory plans for the industry.
Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.
