NatWest Group Limits Transfers to Crypto Exchanges

NatWest Group, formerly known as The Royal Bank of Scotland Group plc, has limited the daily amount that customers can send to crypto exchanges including Binance.

The temporary cap came into effect on June 24 due to the concerns over investment scams and fraud.

According to the spokesperson of the Group, the cap targets several cryptocurrency exchanges. However, the firm did not elaborate on which specific companies were included in the limits set. The maximum amount varies depending on the platform, and is typically in the thousands of pounds.

“We have seen a high level of cryptocurrency investment scams targeting our customers across retail and business banking, particularly through social media sites. To protect our customers from the criminals exploiting these platforms, we’re temporarily reducing the maximum daily amount that a customer can send to cryptocurrency exchanges as well as blocking payments to a small number of cryptocurrency asset firms where we have seen particularly significant levels of fraud-related harm for our customers,” the spokesperson added.