As reported by Reuters, UK-based NatWest Bank has announced new restrictions on trading to crypto exchanges to protect its users from “crypto criminals”.

New rules limit trading to cryptocurrency exchanges to a maximum of £5,000 per 30 days. according to to Reuters. The user will also not be able to transfer more than her £1,000 ($1,200 or more) to a cryptocurrency exchange in one day.

Stuart Skinner, NatWest’s head of fraud prevention, said UK users lost £239m to cryptocurrency crime in 2022.

“The number of frauds using cryptocurrency exchanges is increasing and we are taking action to protect our customers.”

He added that the rising cost of living in the UK has made it easier for malicious attackers to lure consumers seeking high profits.

nut west

NatWest Bank has made certain public declarations clarifying its anti-crypto stance in 2021. In April, the bank said it had “no appetite” for the sector as it sees digital assets as a “high-risk” investment tool. The bank therefore claimed that it would not provide services to companies dealing with crypto.

In June 2022, the bank will Quote We monitor criminal activity within the crypto space and have capped the daily amount transferred to crypto exchanges to protect our customers.

In October 2022, NatWest made headlines with another Anti-Crypto story. Banker Sir Howard Davis called cryptocurrencies “extremely hostile” and called for a complete ban.

“Let’s ban the damn thing. Why beat the bush here?

uk crypto scams

In January, the Bureau of Investigative Journalism (TBIJ) identified 168 companies registered in the UK and accused of fraudulent crypto businesses.

These companies approach investors through social media and persuade them to deposit their money. Data show total losses in excess of £2.8m, equivalent to approximately $3.4m. It was also noted that criminals were choosing the UK to register their businesses because the UK is considered a trustworthy place.

The UK government is aware of this situation and has decided to tighten rules “including introducing a requirement to verify information provided to Companies House” to prevent these manipulations from appearing in the country.

By Jules

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