NatWest bank puts $6K monthly limit to crypto exchange payments

NatWest, a retail and commercialized slope successful the United Kingdom, is taking measures to support customers from imaginable crypto losses amid Bitcoin (BTC) hitting multi-month highs.

On March 14, NatWest introduced large restrictions connected payments to cryptocurrency exchanges, imposing regular and monthly caps for specified transactions.

According to an announcement shared with Cointelegraph, NatWest has acceptable a 1,000 British pounds ($1,216) bounds for regular transactions involving crypto exchanges. The slope has besides imposed a 30-day outgo bounds of 5,000 GBP ($6,080).

The latest restrictions by NatWest purpose to assistance support customers from losing “life changing sums of money,” the slope said, adding that crypto investments are risky owed to a important magnitude of scams successful the industry.

“We person seen an summation successful the fig of scams utilizing cryptocurrency exchanges and we are acting to support our customers,” NatWest’s caput of fraud extortion Stuart Skinner said. The enforcement emphasized the importance of self-custody successful crypto and cautioned crypto investors against delegating retention of their assets to a 3rd party, stating:

“You should ever person sole power of your cryptocurrency wallet and cipher other should person access. If you didn’t acceptable the wallet up yourself oregon can’t entree the wealth past this is apt to beryllium a scam.”

According to NatWest, crypto scammers person been progressively capitalizing connected the ongoing cost-of-living situation owed to promises of precocious returns.

“Criminals play connected a deficiency of knowing of however cryptocurrency markets enactment and their unpredictability, to promote investors to transportation wealth to exchanges, which are often acceptable up successful the customer’s ain sanction by the transgression oregon by the victim, nether duress from the criminal,” the slope said. Men implicit 35 are astir astatine hazard owed to them being much consenting to instrumentality the hazard connected their investments, the announcement notes.

In the statement, NatWest besides shared a fewer steps to assistance debar falling unfortunate to cryptocurrency scams, including proposal to ne'er stock one's backstage keys with others. The slope besides advised crypto investors to work each accusation astatine a dilatory gait to debar rushed investments and fake websites. NatWest besides recommended investors to beware of giveaways arsenic 1 of the astir wide scams successful crypto.

Related: Binance to suffer its British lb on- and off-ramp supplier successful 9 weeks

NatWest is known for cutting each recognition and debit paper payments to Binance crypto speech successful 2021. At the time, the institution referred to a precocious level of crypto concern scams arsenic well.

The quality comes amid Bitcoin surging supra $26,000 arsenic the United States Consumer Price Index (CPI) information indicated that ostentation climbed 6% year-on-year and 0.4% month-on-month. BTC terms maturation is besides apt to beryllium attributed to the ongoing uncertainty astir failures of large banks successful the United States, including Silicon Valley Bank, Silvergate and Signature Bank.