One of Britain’s biggest domestic lenders, NatWest Group, has capped the daily amount customers can send to cryptocurrency exchanges due to concerns over investment scams and fraud.

This also affects leading cryptocurrency exchange Binance, which, as we reported, has already removed the ability to deposit and withdraw British Pounds (GBP) from the platform through Faster Payments and bank cards.

The suspension of both GBP payment channels on Binance came on the heels of the UK's financial regulator, Financial Conduct Authority (FCA), issuing a consumer warning against Binance Markets Limited, which is not an outright ban.

Now, NatWest Group has imposed a temporary cap, on June 24, targeting several exchanges and digital asset firms with the maximum amount varying depending on the platform but typically in thousands of pounds. The company spokesperson said,

“We have seen a high level of cryptocurrency investment scams targeting our customers across retail and business banking, particularly through social media sites.”

As such, to protect its customers from criminals exploiting these platforms, a temporary step has been taken to reduce the maximum daily amount that a customer can send to crypto exchanges. The company has also blocked payments to a small number of crypto asset firms where NatWest saw “particularly significant levels of fraud-related harm for our customers.”

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