NatWest Takes Action Against Cybercriminals

NatWest Takes Action Against Cybercriminals

Share this article


An editor at Coincrop

16 Mar 2023 | 5 min read


atWest is taking action to guard against cybercriminals with the introduction of transaction limits. Going forward, customers are limited to transferring £5,000 per 30 days and no more than £1,000 daily when sending money to crypto exchanges.

In order to keep its users safe from the malicious activities of "crypto-criminals," NatWest Bank, located in the United Kingdom, has declared new restrictions on transactions with cryptocurrency exchanges. This news was reported by Reuters.

To protect users from potential financial harm, the new regulations will cap transactions on crypto exchanges to a maximum of £5,000 (or around $6,000 USD) per 30 days. Similarly, you won't be able transfer more than £1,000 ($1,200 USD) within one day.

In 2022, UK citizens were subject to an alarming £239 million in crypto crime losses, according to NatWest's Head of Fraud Protection Stuart Skinner.

Alerted to the spike in scams conducted through cryptocurrency exchanges, we are taking action to safeguard our customers.

He emphasized that the UK's expensive cost of living makes it a prime target for scammers who promise high returns to unsuspecting consumers.

NatWest Bank's recent public declarations have showcased their displeasure with cryptocurrency and digital assets, going as far to label them "high-risk" investment tools. Subsequently, they made it known that they would not work with any companies dealing in crypto - making the statement loud and clear: NatWest has no appetite for cryptocurrencies or businesses related to it.

In June 2022, the Bank responded to rising criminal activities in the crypto sphere by limiting daily transfers of funds to cryptocurrency exchanges. This measure was enacted with an eye towards safeguarding their customers' interests.

During October of 2022, a narrative against cryptocurrencies broke out in the headlines featuring NatWest Bank's chairman Sir Howard Davies. He expressed his extreme opposition to crypto and called for an overall ban on it. “Let’s just ban the damned stuff. Why beat about the bush here.”

At the dawn of 2021, a study by the Bureau of Investigative Journalism (TBIJ) exposed 168 UK-registered companies that are allegedly running fraudulent cryptocurrency businesses.

These offenders deceived investors through social media to invest their money, ultimately leading to a total loss of £2.8 million ($3.4 million). Furthermore, the data showed that these wrongdoers were selecting the UK as their headquarters since it is perceived as a reliable place to conduct business. The overall losses amounted to an astonishing sum of £2.8 million (~$3.4million) according to reports.

In the face of this problem, the UK government took steps to strengthen regulations; including verifying information sent to Companies House and other measures, in order to make sure such illicit activities were not able to take place within its borders.



An editor at Coincrop
View articles

Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.

Our sponsor

CoinLoan combine the best of traditional and novel finance helping you borrow, swap and grow your assets.

Compare over 47,341 CeFi and DeFi products across more than 225 organizations here