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Another UK Bank Boosts Security to Combat Crypto Scam

Another UK Bank Boosts Security to Combat Crypto Scam
  • UK Bank — NatWest, has put a cap on the number of cryptos its customers can transfer.
  • The cap affects many cryptos and crypto exchanges.
  • The country is on a mission of regulating cryptos to protect its citizens from scams.

The UK has prioritized the safety of its citizens and their digital assets. In recent events, the UK has noticed rising crypto crime in the country. To provide safety, NatWest Banks has put a cap on the crypto transfer limit for its users.

In detail, the UK-based bank has implemented a cap on the daily amount of cryptocurrency its users can send on crypto exchanges. This decision was made due to much rising concern. Specifically, the country has been dealing with multiple cases of investment frauds and scams.

For instance, a British teacher recently lost her entire life savings via a Bitcoin investment scam. The 63-year-old woman was targeted via an ad on Instagram. She transferred £120,000 to the scammer thinking it to be a legit investment scheme.

Following this, the National Fraud Intelligence Bureau (NFIB) said that this is, sadly, one of many cases. Hence, the country’s financial entities are working to tighten regulations and protect their citizens.

NatWest is one of many banks that agree with this ideology. Thus, it set a temporary cap on June 24, 2021. This restriction affects many crypto exchanges. Binance is one of them. Another UK bank took it up a notch and banned its users from using Binance and Kraken.

A NatWest agent said that this step was necessary to protect users facing issues from social media-based crypto scams. Besides the cap, the bank is also blocking payments to a few crypto-asset firms. The bank’s victims can testify, these firms are subject to high levels of fraud.

As for Binance, it has made hard decisions to cater to its users. Financial entities in all parts of the world are getting more strict with their crypto rules. In light of the Ontario Securities Commission’s regulation inspection Binance decided to stop its services in the province.

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