NatWest, a British bank, has imposed a limit on payments to cryptocurrency exchanges.
Due to Natwest's worries about investment scams and theft, Binance was also subject to the capping regulation. A spokeswoman for the Natwest Group told Reuters on Tuesday that the daily quantity clients may transmit to cryptocurrency exchanges, particularly prominent platform Binance, has been limited due to worries about investment schemes and fraud.
According to the spokesman, the interim cap, which was imposed on June 24 by one of Britain's largest domestic lenders, affects a range of markets and technology platform businesses. According to them, the maximum sum varies by platform and is often in the hundreds of pounds.
"We have seen a high level of cryptocurrency investment scams targeting our customers across retail and business banking, particularly through social media sites," the spokesperson said.
"To protect our customers from the criminals exploiting these platforms, we're temporarily reducing the maximum daily amount that a customer can send to cryptocurrency exchanges as well as blocking payments to a small number of cryptocurrency asset firms where we have seen particularly significant levels of fraud-related harm for our customers."
Binance, including some of the world's largest cryptocurrency exchanges, gave a statement by saying it was committed as to its obligation to safeguard consumers against potential scams and frauds.
"Where we are made aware of these kinds of claims, we immediately take action and have an excellent record of working with law enforcement agencies globally to assist in their investigations," he said.
Srinagar: due to the result of the Post-Civilian killings and in the days running up regarding the visit of Union Minister Amit Shah in Srinagar durin...
Mumbai: NCB officer was asked whether he would take any legal action against the NCP leader Nawab Malik. And the allegations that were made by him, th...