NatWest bank puts $6K monthly limit to crypto exchange payments
NatWest’s head of fraud protection emphasized the importance of self-custody in crypto amid the bank imposing new crypto restrictions. NatWest, a retail and commercial bank in the United Kingdom, is taking measures to protect customers from potential crypto losses amid Bitcoin (BTC) hitting multi-month highs. On March 14, NatWest introduced major restrictions on payments to cryptocurrency exchanges, imposing daily and monthly caps for such transactions. According to an announcement shared with Cointelegraph, NatWest has set a 1,000 British pounds ($1,216) limit for daily transactions involving crypto exchanges. The bank has also imposed a 30-day payment limit of 5,000 GBP ($6,080). The latest restrictions by NatWest aim to help protect customers from losing “life changing sums of money,” the bank said, adding that crypto investments are risky due to a significant amount of scams in the industry. “We have seen an increase in the number of Scams using crypto currency exchange s and we ...