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UK Bank NatWest Limits Daily Crypto Payments to $1,200
Customers will be limited to payments of 1,000 pounds ($1,218) per day and 5,000 pounds ($6,090) over a 30-day period.
Updated May 9, 2023, 4:10 a.m. Published Mar 14, 2023, 12:58 p.m.
NatWest has joined the ranks of U.K. banks imposing restrictions on its customers making payments to cryptocurrency exchanges.
Customers will be limited to payments of 1,000 British pounds ($1,218) per day and 5,000 British pounds ($6,090) over a 30-day period, NatWest announced via email on Tuesday.
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"NatWest is increasing customer protection against crypto-criminals after 329 million pounds was lost by consumers last year," the bank said.
"Criminals play on a lack of understanding of how cryptocurrency markets work and their unpredictability, to encourage investors to transfer money to exchanges, which are often set up in the customer’s own name by the criminal or by the victim, under duress from the criminal."
The bank joins its peers Nationwide and HSBC that both recently announced restrictions on crypto purchases. Both banks have prevented customers using their credit cards to purchase cryptocurrency, while Nationwide limits purchases on debit cards to 5,000 British pounds ($6,084) per day.
NatWest's new limits pertain to debit card transactions and transfers made out of customer accounts, a spokesperson told CoinDesk.
Read more: UK Banks Blocking Crypto Access Given Fraud, Volatility, Lawmakers Told
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