Along with the global acceptance of cryptocurrency, British people have begun to invest in large amounts. According to recent surveys, young people in the United Kingdom are more inclined to invest in cryptocurrencies than equities. The popularity of cryptocurrency investing in the United Kingdom drew the attention of the authorities and financial institutions such as NatWest Groups.
NatWest has restricted the amount of fiat cash (such as the US dollar or the British pound) that may be transmitted to crypto exchanges throughout the nation due to the spike in demand for crypto. The limit in terms of fiat currency has yet to be revealed. However, it has been argued that the purpose of this transaction restriction is to safeguard citizens against fraud.
The NatWest transaction limit is intended to reduce the number of frauds.
The NatWest transaction limit is intended to prevent fraud and fraudulent activities in the nation. The company feels that crypto exchanges may be used to defraud consumers; therefore, to prevent customers from losing their hard-earned money, NatWest has set a restriction on how much fiat they can move from their bank account to their spot wallet.
The bank now has 19 million accounts in the United Kingdom, making it one of its largest high-end financial organizations. Customers’ accounts were first subjected to a temporary restriction. These limitations applied to several exchanges, including Binance, the world’s largest.
According to NatWest officials, there has been an increase in the number of scams occurring in the United Kingdom, and consumers may be harmed. Therefore, it’s critical to stop the rise of cryptocurrency-related scams.