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Because the crypto crackdown continues in Britain, one other excessive avenue financial institution has intensified its efforts to curtail  its prospects’ use of digital belongings. 

The Natwest Group has reportedly capped the day by day quantity its prospects can ship to cryptocurrency exchanges attributable to considerations over funding scams and fraud, based on a June 29 report from Reuters. Nevertheless, it was not revealed what these new limits have been by way of fiat forex transfers.

The non permanent cap was imposed on June 24. The restriction targets a number of cryptocurrency exchanges, together with Binance.  The excessive avenue financial institution claims to serve 19 million prospects within the U.Okay.

The spokesperson for NatWest acknowledged that it has lately seen a excessive stage of cryptocurrency funding scams focusing on its prospects, notably by social media websites, addi:

“To guard our prospects from the criminals exploiting these platforms, we’re briefly decreasing the utmost day by day quantity {that a} buyer can ship to cryptocurrency exchanges in addition to blocking funds to a small variety of cryptocurrency asset corporations the place we’ve seen notably vital ranges of fraud-related hurt for our prospects.”

The restrictions imposed by NatWest come at a time when the U.Okay. monetary watchdog, the Monetary Conduct Authority (FCA), is tightening its grip on unregulated cryptocurrency buying and selling platforms.

Associated: UK regulator warns against 111 unregistered crypto companies… and FOMO

In April, the financial institution acknowledged it is going to refuse to serve enterprise prospects who settle for fee in cryptocurrencies resembling Bitcoin, which the UK lender had categorized as “excessive threat.”

On June 20 United Kingdom-based monetary establishment TSB Banking Group announced that it will be barring its 5.4 million customers from buying crypto assets.

The restrictions don’t finish with excessive avenue banks. On Monday, June 28, Binance suspended the popular local payments provider, Faster Payments, for its U.Okay. prospects, additional limiting the choices for shifting GBP to and from the alternate.