NatWest caps transfers to crypto exchanges, including Binance, over fraud concerns

FILE PHOTO: Signage at a branch of NatWest Bank pictured in central London, May 21, 2008. REUTERS/Luke MacGregor

LONDON (Reuters) - Britain's Natwest Group has capped the daily amount customers can send to cryptocurrency exchanges, including major platform Binance, because of concerns over investment scams and fraud, a spokesperson told Reuters on Tuesday.

The temporary cap, imposed by one of Britain's domestic biggest lenders on June 24, targets a number of exchanges and digital asset firms, the spokesperson said. The maximum amount varies depending on the platform, and is typically in the thousands of pounds, they added.