• NatWest Bank, a United Kingdom-based retail and commercial bank, has imposed new restrictions on payments to cryptocurrency exchanges.
• The bank has set a daily limit of 1,000 GBP ($1,216) and a 30-day payment limit of 5,000 GBP ($6,080).
• NatWest warns customers against potential crypto losses by emphasizing the importance of self-custody in crypto and cautioning against delegating storage of assets to third parties.
NatWest Imposes Crypto Restrictions
NatWest Bank, 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. The bank has introduced major restrictions on payments to cryptocurrency exchanges by setting daily and monthly limits for such transactions.
Payment Limits
The bank has set a 1,000 British pound ($1,216) limit for daily transactions involving crypto exchanges. It also imposed a 30-day payment limit of 5,000 GBP ($6,080). With these limits in place, NatWest aims to help protect its customers from losing “life changing sums of money.”
Risk Warning
NatWest warns customers against the risks associated with investing in cryptocurrencies due to an increasing number of scams within the industry. According to the bank’s head of fraud protection Stuart Skinner: “You should always have sole control of your cryptocurrency wallet and nobody else should have access… If you didn’t set the wallet up yourself or can’t access the money then this is likely to be a scam.” The executive emphasizes the importance of self-custody in crypto investments.
Target Audience
Crypto scammers are increasingly capitalizing on people’s current cost-of-living crisis with promises of high returns. Men over 35 are particularly at risk due to their willingness to take risks with their investments.
Protection Tips
NatWest provides several tips on how customers can avoid falling victim to cryptocurrency scams such as never sharing one’s private keys with others or reading all information at a slow pace before making any decisions regarding investments.