NatWest restricts cryptocurrency transactionsdue to scam concerns.

In an effort to shield customers from "crypto-criminals," Britain's NatWest has put new restrictions on the daily and monthly amounts users can send to cryptocurrency exchanges.

Customer transfers to cryptocurrency exchanges will be capped at £5,000 ($6,088) per 30-day period starting on Tuesday, with a daily maximum of £1,000, according to NatWest.

Authorities have issued warnings about the dangers of fraud and scams in the mostly unregulated world of cryptocurrency trading.

According to NatWest, crypto crime cost UK consumers 329 million pounds last year, with the cost-of-living crisis playing a part as criminals entice investors with the promise of large returns.

Stuart Skinner, head of fraud protection at NatWest, one of the largest lenders in Britain, said, "We have seen an increase in the number of scams using cryptocurrency exchanges and we are acting to protect our customers".

In June 2021, NatWest put some daily constraints on the amount of cryptocurrency that users may send to popular exchange Binance and other platforms, with the limits varying in size. It sparked concerns about fraud and investment scams.

In November of last year, Santander announced that at some point in 2023, it would prohibit clients from transferring real-time payments to cryptocurrency exchanges.

By fLEXI tEAM