Britain's Natwest Group has capped the daily amount customers can send to cryptocurrency exchanges, including major platform Binance, because of concerns over investment scams and fraud, a spokesperson told Reuters on Tuesday.
The temporary cap, imposed by one of Britain's domestic biggest lenders on June 24, targets a number of exchanges and digital asset firms, the spokesperson said. The maximum amount varies depending on the platform, and is typically in the thousands of pounds, they added."We have seen a high level of cryptocurrency investment scams targeting our customers across retail and business banking, particularly through social media sites," the spokesperson said.
A spokesperson for Binance, one of the world's largest crypto exchanges, said it was serious about its responsibility to protect users from attempted scams and frauds. The Financial Conduct Authority did not give reasons for its move, but told Reuters that Binance withdrew its application to register with it as a crypto-related business in mid-May.
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