NatWest is the latest UK bank to put limits on customers who want to buy cryptocurrency. They say this is because of the risk of scams.
The bank is putting a daily limit of £1000 and a 30-day limit of £5000 on payments to crypto exchanges “to help protect customers from losing life changing sums of money.”
NatWest says that cryptocurrency scams cost Brits £329 million a year and that most cryptocurrency providers aren’t regulated by the Financial Conduct Authority (FCA).
Stuart Skinner, head, fraud protection, NatWest, says: “We have seen an increase in the number of scams using cryptocurrency exchanges and we are acting to protect our customers.”
This month, both HSBC and Nationwide Building Society made it harder for customers to buy cryptocurrency. They did this because regulators were worried about the practice. Back in November, Santander made its move.
