2 years ago
UK-based NatWest Bank announced caller limits to transactions to crypto exchanges successful an effort to support its users from “crypto-criminals,” arsenic Reuters reported.
The caller rules volition bounds transactions to crypto exchanges to a maximum of £5,000 per 30 days — equating to a small implicit $6,000, according to Reuters. Users besides won’t beryllium capable to transportation much than £1,000 (over $1,200) to crypto exchanges wrong 1 day.
NatWest’s Head of Fraud Protection, Stuart Skinner, said that users successful the UK mislaid £239 cardinal to crypto transgression during 2022.
“We person seen an summation successful the fig of scams utilizing cryptocurrency exchanges and we are acting to support our customers.”
He added that the accrued outgo of surviving successful the UK makes it easier for malicious actors to lure consumers who question precocious returns.
NatWest
NatWest slope has made definite nationalist declarations that revealed its anti-crypto stance successful 2021. In April, the Bank stated that it considers integer assets arsenic “high-risk” concern tools and truthful has “no appetite” for the field. Thus, the Bank claimed it wouldn’t service businesses that woody successful crypto.
In June 2022, the Bank cited the transgression activities wrong the crypto abstraction and capped the regular amounts transferred to crypto exchanges to support its customers.
In October 2022 , NatWest appeared successful the headlines with different anti-crypto narrative. The Bank’s president Sir Howard Davies said he’s “very hostile” towards crypto and called for an outright ban.
“Let’s conscionable prohibition the damned stuff. Why bushed astir the bush here.”
Crypto fraud successful the UK
In January, the Bureau of Investigative Journalism (TBIJ) identified 168 companies registered successful the UK and accused of fraudulent crypto businesses.
These companies attack investors done societal media and person them to deposit money. The full losses exceeded £2.8 million, which equates to astir $3.4 million, according to the data. It was besides noted that the criminals were choosing the UK to registry their businesses due to the fact that the UK is viewed arsenic a trustworthy location.
Acknowledging the situation, the UK authorities decided to tighten the rules, “including the instauration of a request to verify accusation provided to Companies House,” to forestall these operations from appearing wrong the country.
The station NatWest introduces transaction limits to support against crypto-criminals appeared archetypal connected CryptoSlate.
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