NatWest is the latest UK bank to impose restrictions on customers buying cryptocurrency, citing the risk of scams.
The bank is putting a daily limit of £1000 and a 30-day payment limit of £5000 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, noting that crypto is not protected by the UK’s Financial Services Compensation Scheme and most providers aren’t regulated by the 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.”
Earlier this month, HSBC and Nationwide Building Society put similar restrictions on customers buying cryptocurrency, citing regulator concerns about the practice. Santander made its move back in November.
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