On March 14, 2023, the U.K.-based bank Natwest Group announced new limits on cryptocurrency payments, citing crypto scams that cost U.K. consumers £329 million annually. The limit imposed on crypto exchanges is £1,000 daily ($1,215), with a 30-day limit of £5,000 ($6,077).
Natwest’s Cautious Approach Towards Crypto Assets Prompts Another Transfer Limit
Amid the banking sector rout in the United States following the collapse of Silicon Valley Bank (SVB) and its subsidiary, Silicon Valley Bank U.K. Ltd., the Edinburgh-based financial institution Natwest is limiting cryptocurrency payments. Natwest, however, cites cryptocurrency scams in the United Kingdom that cost consumers £329 million ($399 million) annually as the reason for the limit. The bank’s notice also indicates that men over the age of 35 are “most at risk”
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