NatWest limits cryptocurrency transfers to protect customers from scams

todayMarch 17, 2023

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NatWest has announced that it will be placing restrictions on the amount of money that customers can transfer to cryptocurrency exchanges in order to safeguard them against scams. From Tuesday, customers will only be allowed to transfer a maximum of £1,000 daily and £5,000 monthly to cryptocurrency exchanges. NatWest has stated that this move is to combat the increase in cryptocurrency scams which have caused UK consumers to lose an estimated £329m. Stuart Skinner, the head of fraud protection at NatWest, advised customers to always have sole control of their cryptocurrency wallets and avoid giving access to anyone else. The move follows NatWest’s implementation of daily caps on transfers to crypto exchanges in June 2021, citing concerns over investment fraud and scams. However, some critics, such as Benoit Marzouk, the CEO of crypto trading app BitcoinPoint, have argued that the limits imposed are too restrictive and do not address the root of the problem.

Written by: Relaks Radio

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