UK Bank NatWest Limits Amount Users Can Transfer to Crypto Exchanges

U.K. bank NatWest has put a temporary limit on the amount customers can send to cryptocurrency exchanges because of concerns over investment scams and fraud.

• The bank is also blocking transfers to several cryptocurrency asset firms where it has identified significant levels of fraud-related harm to its customers, NatWest spokesman Andrew Neilson told CoinDesk.
• “We have seen a high level of cryptocurrency investment scams targeting our customers across retail and business banking, particularly through social media sites,” Neilson said in an emailed statement.
• On Saturday, the U.K.’s Financial Conduct Authority said Binance shouldn’t be operating in the country and isn't allowed to undertake any regulated activities without prior written approval.
• NatWest said it is keeping Binance’s place on the list of crypto companies affected under review, Reuters reported earlier.

Read more: UK Bank NatWest Denies Report it Will Totally Refuse Business Customers Who Deal in Crypto