NatWest Group Plc has restricted customers’ crypto activity, becoming the latest UK bank to put limits on the volatile asset class.
(Bloomberg) — NatWest Group Plc has restricted customers’ crypto activity, becoming the latest UK bank to put limits on the volatile asset class.
The lender said account-holders can transfer a maximum of £1,000 ($1,215) per day or £5,000 every 30 days into crypto exchanges, a ceiling imposed to stop them “losing life changing sums of money,” according to a statement Tuesday.
“We have seen an increase in the number of scams using cryptocurrency exchanges and we are acting to protect our customers,” said Stuart Skinner, head of fraud protection at NatWest.
NatWest follows rivals including Lloyds Banking Group Plc and HSBC Holdings Plc in placing crypto-specific limits on British customers in the wake of regulatory warnings and industry scandals.
The Financial Conduct Authority does not directly supervise the nascent crypto sector, but has repeatedly warned that crypto users stand to lose all their money.
–With assistance from Emily Nicolle.
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