NatWest restricts crypto exchange payments to six thousand dollars per month

The platform stated that current restrictions can help customers avoid crypto losses

Going by NatWest’s official website, it’s a retail and commercial bank
Going by NatWest’s official website, it’s a retail and commercial bank

NatWest, a United Kingdom-based retail and commercial bank, is limiting its monthly crypto exchange payments in order to prevent losses for users, as stated by Cointelegraph.

According to Cointelegraph, on March 14, 2023, NatWest implemented restrictions by including daily and monthly caps for cryptocurrency-oriented transactions. The platform is believed to have set a payment limit of about $1,216 for daily transactions around crypto exchanges, which includes a 30-day payment limit of $6,080. 

“We have seen an increase in the number of scams using cryptocurrency exchanges and we are acting to protect our customers. 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,” Stuart Skinner, head of fraud protection, NatWest, said.

Based on information by Cointelegraph, NatWest mentioned crypto scammers targeting the cost-of-living crisis due to promises of high returns. Reportedly, NatWest highlighted measures to avoid cryptocurrency scams such as not revealing one’s private keys to others, along with being conscious of gateways. 

Moreover, Cointelegraph noted that NatWest discontinued its credit and debit card payments with Binance crypto exchange in 2021. During that time, the bank emphasised on different crypto frauds as well.  

(With insights from Cointelegraph)

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First published on: 15-03-2023 at 17:17 IST
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