The British banking and insurance holding company, NatWest Group is limiting its customers’ interaction with cryptocurrencies, which is nothing but hate for the crypto space.
According to the latest statement from the company, their customers can only transact a maximum of £1,000 or $1,215 a day or £5,000 every 30 days into crypto exchanges. The action is a true example of censorship and dictatorship present in the regulated asset world.
Stuart Skinner, head of fraud prevention at NatWest stated that the move will help their customers from “losing life-changing sums of money” due to crypto exposure or investing in fraudulent projects.
Earlier, the CEO of NatWest Group, Alison Rose informed the House of Commons committee about the UK bank’s tough stance over crypto by calling it “fraud”.
Rose said, “We blocked retail and wealth customers from transferring into crypto assets because of the platform’s volatility and stability. We know that can cause frustration for customers, but if we’re evidencing significant fraud, we block them.”
Already major financial institutions like Nationwide and HSBC have limited users’ crypto exposure.
However, some banks and institutions are forced to take action to comply with the regulatory authority. Although, the speculation of crypto in the UK has been soaring exponentially. Recently, London ranked in the list of top 50 cities with the infrastructure to experience mass crypto adoption.
