NatWest Limits Crypto Transfers to Protect Customers from "Crypto-Criminals"

The U.K.-based bank Natwest Group (NatWest) has imposed new limits on the daily and monthly amount customers can send to cryptocurrency exchanges, seeking to protect consumers from "crypto-criminals", the bank said on Tuesday (March 14).

From Tuesday customer transfers to cryptocurrency exchanges will be limited to 5,000 pounds ($6,088) per 30-day period, with no more than 1,000 pounds per day, NatWest said.

Regulators around the world have warned of the risks of scams and fraud in the largely unregulated world of crypto trading.

Consumers across the UK lost 329 million pounds in crypto crime last year, NatWest said, with the cost-of-living crisis contributing to the problem as criminals lure investors with the promise of high returns.

"We have seen an increase in the number of scams using cryptocurrency exchanges and we are acting to protect our customers," said Stuart Skinner, head of fraud protection at NatWest, which is one of Britain's domestic biggest lenders.