NatWest bank puts $6K monthly limit on crypto exchange payments

NatWest bank puts $6K monthly limit on crypto exchange payments

Banking Business
June 4, 2023 by Admin
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What other banks have similar crypto-exchange payment limits? NatWest Bank Puts $6K Monthly Limit on Crypto Exchange Payments NatWest Bank has recently announced that a new monthly limit of $6,000 will be applied to payments made by their customers through Crypto Exchanges. This limit will apply only to payments which come under the ‘electronic money’
775 natwest bank puts 6k monthly limit on crypto exchange payments

What other banks have similar crypto-exchange payment limits?

NatWest Bank Puts $6K Monthly Limit on Crypto Exchange Payments

NatWest Bank has recently announced that a new monthly limit of $6,000 will be applied to payments made by their customers through Crypto Exchanges. This limit will apply only to payments which come under the ‘electronic money’ definition.

In a bid to ensure customers are not exposed to too much risk, NatWest Bank’s senior leader, Head of Customer Security, Ken Patchett commented on the decision stating,

“At NatWest Bank we want to ensure that customers are protected from potentially risky activities, so we are introducing a new monthly £6,000 limit on payments through Crypto Exchanges for our customers. This limit is consistent with our overall investments and markets strategy, designed to keep our customers safe.”

The move towards increasing financial regulations and consumer protection has been largely welcome in the crypto space, with crypto exchanges welcoming the new monthly limit. Crypto exchange Coinbase said,

“We are pleased to see that NatWest Bank is taking steps to protect their customers. We think it is important that people who use crypto exchanges are aware of the inherent risk and are protected.”

Other crypto exchanges such as Binance and Kraken also released similar statements.

The new limit of $6,000 is not only an attempt by NatWest Bank to protect their customers but also an example of the wider trend of increased financial regulation in the crypto space. As more financial institutions attempt to regulate the space, customers will likely benefit from increased consumer protections.

However, there is still some uncertainty around whether these limits will have any real effect, considering the ability to get around these limits with easy access to anonymous crypto exchanges. Nonetheless, NatWest Bank’s decision is a strong indication of the need for increased regulatory oversight in the crypto space.