British Bank Natwest Implements New Limits on Cryptocurrency Payments to Combat UK Crypto Scams
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Loading... - Julia Bauer
- 16 Mar 2023
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Natwest’s Cautious Approach Towards Crypto Assets Prompts Another Transfer Limit
Amid the banking sector rout in the United States following the collapse of Silicon Valley Bank (SVB) and its subsidiary, Silicon Valley Bank U.K. Ltd., the Edinburgh-based financial institution Natwest is limiting cryptocurrency payments. Natwest, however, cites cryptocurrency scams in the United Kingdom that cost consumers £329 million ($399 million) annually as the reason for the limit. The bank’s notice also indicates that men over the age of 35 are “most at risk” of such scams.
Natwest’s press release, published on Tuesday, details that “cryptocurrency investments are often made through legitimate exchange platforms.” The British banks added that these “websites let customers buy, sell or exchange cryptocurrencies for other digital currency or traditional currency.” Natwest also emphasizes that, in addition to men over the age of 35, criminals are using the “cost-of-living crisis” to entice investors with the promise of high returns.” Read More…
