NatWest Group, a British majority-state-owned banking and insurance holding company has restricted the amount customers can send to cryptocurrency exchanges each day. Binance is one of these firms, which was recently banned by the UK Finance Conduct Authority. This was due to concerns about scams within the group.
According to Reuters , citing a spokesperson for the holding company the cap was imposed June 24th and targets multiple cryptocurrency exchanges. The firm did not specify which companies were affected by the limit.
We have witnessed a lot of scams involving cryptocurrency investments targeting customers in retail and business banking. This is especially true when it comes to social media. We are temporarily reducing the daily limit a customer can send cryptocurrency exchanges and blocking payments to a few cryptocurrency asset firms that we have seen significant fraud-related harm to our customers,” the spokesperson said. He also noted that the amount could vary on each exchange, which could be in the thousands of pounds.
Under UK Scrutiny Binance
Binance has not yet made an official comment on the matter nor responded to press inquiries. The UK’s financial watchdog banned the major digital asset exchange operating in the United Kingdom over the weekend. “Binance Markets Limited cannot engage in any regulated activity within the UK. This company is part of the larger Group (Binance Group). Binance Markets Limited cannot currently engage in any regulated activities due to the FCA’s requirements,” the authority stated at the time.
Binance, founded by Changpeng Zhao CZ (CZ), has maintained that they have been closely working with regulators and industry leaders in order to improve its protection policies for users.