The NatWest Group of Britain has capped the daily amount that customers can send to crypto exchanges. It includes many major names of the crypto exchanges like Binance due to the growing concern of crypto frauds and scams. This temporary cap was imposed by one of the biggest domestic lenders of Britain on the 24th of June. The maximum amount of the crypto transfer varies based on the platforms, which are typically in the thousands of pounds.
The spokesperson of NatWest said that they had seen higher levels of crypto scams that are targeting their customers across retail and banking. This is happening particularly through the social media site.
The spokesperson added, “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.”
A spokesperson from Binance said that the platform is quite serious about its responsibility to protect users from scams and fraud.
As they get to know about such kinds of activities, they immediately take action. Binance has an excellent record of working with law enforcement agencies globally to help and assist in their investigations.
However, Binance is now coming under increased scrutiny by regulators on a global scale. The financial watchdog of Britain said that it could not conduct any kind of regulated activity. Also, it has issued a warning to the consumers regarding this platform. The FCA has not yet given any reasons for this move. But it has been told that Binance has withdrawn its application to register with it in mid-May.
Since January, all the cryptocurrency firms have to register with the FCA to prevent terrorist financing and money laundering. Binance is popular for delivering digital token trading and emerging technologies related to crypto.