Preventing fraud-related incidents, the British government began to crack down on the encryption industry. National Westminster Bank (NatWest) has tightened restrictions on cryptocurrency-related activities in response to the calling in the country.
According to Reuters coverage on Tuesday, June 29, Natwest Bank has restricted its customers from using its financial transaction services to transfer money to cryptocurrency exchanges (including the main platform Binance) with a daily limit to protect investors from scams and fraud.
A spokesperson representing the Natwest Group told Reuters that recently, many cryptocurrency investment scams targeting retail and commercial bank customers, especially through social media sites, have triggered the Natwest Group’s concerns about cryptocurrency scams.
National Westminster Bank, commonly known as NatWest, is a major retail and commercial bank in the United Kingdom. Its customer base is as high as 19 million. It implemented a temporary cap on June 24, targeting some exchanges and digital asset companies.
The spokesperson said:
“To protect our customers from the criminals exploiting these platforms, we’re temporarily reducing the maximum daily amount that a customer can send to cryptocurrency exchanges as well as blocking payments to a small number of cryptocurrency asset firms where we have seen particularly significant levels of fraud-related harm for our customers.”
NatWest followed steps from the United Kingdom Financial Conduct Authority (FCA) to impose stricter regulatory restrictions on cryptocurrency trading platforms.
FCA issued a restriction to the country’s crypto savvy exchange platform, requesting Binance Markets Limited to remove all advertising and financial promotions and close the business on June 26.
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