NatWest is limiting the amount of cash clients can switch to cryptocurrency exchanges.
From right now, clients will have the ability to switch a most of £1,000 a day to such exchanges, and not more than £5,000 monthly.
The financial institution says it’s to guard clients from “crypto-criminals” looking for to rip-off them.
Most cryptocurrencies should not regulated within the UK, however the authorities has set out regulatory plans for the business.
NatWest head of fraud safety Stuart Skinner mentioned the financial institution had seen a rise within the variety of scams linked to cryptocurrency, with UK customers shedding an estimated £329m from such felony acts.
He additionally gave recommendation to assist individuals keep away from being duped.
“It is best to at all times have sole management of your cryptocurrency pockets and no one else ought to have entry,” he mentioned.
“For those who didn’t set the pockets up your self or can’t entry the cash then that is prone to be a rip-off.”
In June 2021, NatWest launched some every day caps on clients’ transfers to crypto exchanges, with the boundaries various in measurement relying on the platform in query.
On the time, it cited considerations over funding scams and fraud.
Benoit Marzouk, chief government of BitcoinPoint, a crypto buying and selling app registered with the Monetary Conduct Authority (FCA), mentioned the boundaries imposed by NatWest have been too restrictive and didn’t deal with the issue itself.
“Banks ought to as a substitute deal with educating their customers about the commonest scams shoppers are falling sufferer to, usually the ‘restoration of your funds’ or demanding that you just pay a withdrawal charge previous to the ‘launch of funds’,”.