{"id":18754,"date":"2023-03-15T18:54:25","date_gmt":"2023-03-15T18:54:25","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/british-bank-natwest-implements-new-limits-on-cryptocurrency-payments-to-combat-uk-crypto-scams-bitcoin-news\/"},"modified":"2023-03-15T18:54:25","modified_gmt":"2023-03-15T18:54:25","slug":"british-bank-natwest-implements-new-limits-on-cryptocurrency-payments-to-combat-uk-crypto-scams-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/british-bank-natwest-implements-new-limits-on-cryptocurrency-payments-to-combat-uk-crypto-scams-bitcoin-news\/","title":{"rendered":"British Bank Natwest Implements New Limits on Cryptocurrency Payments to Combat UK Crypto Scams \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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On March 14, 2023, the U.K.-based bank Natwest Group announced new limits on cryptocurrency payments, citing crypto scams that cost U.K. consumers \u00a3329 million annually. The limit imposed on crypto exchanges is \u00a31,000 daily ($1,215), with a 30-day limit of \u00a35,000 ($6,077).<\/strong><\/p>\n

Natwest\u2019s Cautious Approach Towards Crypto Assets Prompts Another Transfer Limit<\/h2>\n

Amid the banking sector rout in the United States following the collapse of Silicon Valley Bank (SVB) and its subsidiary, Silicon Valley Bank U.K. Ltd.<\/a>, the Edinburgh-based financial institution Natwest is limiting cryptocurrency payments. Natwest, however, cites<\/a> cryptocurrency scams in the United Kingdom that cost consumers \u00a3329 million ($399 million) annually as the reason for the limit. The bank\u2019s notice also indicates that men over the age of 35 are \u201cmost at risk\u201d of such scams.<\/p>\n

Natwest\u2019s press release, published on Tuesday, details that \u201ccryptocurrency investments are often made through legitimate exchange platforms.\u201d The British banks added that these \u201cwebsites let customers buy, sell or exchange cryptocurrencies for other digital currency or traditional currency.\u201d Natwest also emphasizes that, in addition to men over the age of 35, criminals are using the \u201ccost-of-living crisis\u201d to entice investors with the promise of high returns.\u201d<\/p>\n

\u201cYou should always have sole control of your cryptocurrency wallet and nobody else should have access,\u201d noted Stuart Skinner, head of Natwest\u2019s fraud protection unit. \u201cIf you didn\u2019t set the wallet up yourself or can\u2019t access the money then this is likely to be a scam. We have seen an increase in the number of scams using cryptocurrency exchanges and we are acting to protect our customers.\u201d<\/p>\n

This is not the first time Natwest has limited transfers to cryptocurrency exchanges. The bank set a temporary limit<\/a> in June 2021, and the following month, it specifically blocked<\/a> payments to Binance, citing the heightened risk of cryptocurrency scams. Natwest has often categorized<\/a> cryptocurrency assets as \u201chigh risk\u201d in the past. In April 2021, just before the first limit was imposed, a Natwest risk manager said: \u201cWe have no appetite for dealing with customers\u201d who transact with cryptocurrencies.<\/p>\n

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Binance<\/a>, cautious approach<\/a>, collapse<\/a>, consumer protection<\/a>, Cryptocurrency Assets<\/a>, cryptocurrency exchanges<\/a>, Cryptocurrency Payments<\/a>, Customers<\/a>, Digital Currency<\/a>, Edinburgh<\/a>, enticement<\/a>, Financial Institutions<\/a>, fraud protection<\/a>, high returns<\/a>, high risk<\/a>, increased risk<\/a>, Investors<\/a>, legitimate exchange platforms<\/a>, men over 35<\/a>, Money Laundering<\/a>, Natwest Bank<\/a>, Natwest Banking<\/a>, Natwest Group<\/a>, online security<\/a>, past actions<\/a>, press release<\/a>, risk management<\/a>, safety measures<\/a>, Scams<\/a>, Silicon Valley Bank<\/a>, Silicon Valley Bank UK Ltd<\/a>, Stuart Skinner<\/a>, subsidiary<\/a>, temporary limit<\/a>, traditional currency<\/a>, transfers<\/a>, UK crypto scams<\/a>, United States<\/a>, wallet control<\/a><\/div>\n<\/div>\n

What do you think about Natwest limiting crypto payments to digital currency exchanges? Share your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Alex Yeung \/ Shutterstock.com<\/em><\/p>\n

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