Concerns over investment scams and fraud has prompted NatWest to cap the daily amount customers can transfer to cryptocurrency exchanges, including Binance.
The measure is intended to target several exchanges and digital asset firms. The maximum threshold differs depending on the platform and is around the thousands of pounds, NatWest said.
The news was first reported by Reuters on Tuesday.
“We have seen a high level of cryptocurrency investment scams targeting our customers across retail and business banking, particularly through social media sites” a NatWest spokesperson told Reuters.
“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.”
A spokesperson for Binance said the company is serious about its responsibility to protect customers.
“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.
The cap comes as UK customers of the cryptocurrency exchange lost access to withdrawing and depositing pounds.
The ability to remove sterling from the platform through Faster Payments had been “suspended for maintenance”, the digital asset firm said on its main exchange on Monday.
Binance has been thrown into the spotlight after regulators have stepped up scrutiny of its activities. The Financial Conduct Authority said last week the exchange cannot conduct any regulated activities in the UK.
Crypto firms have been mandated to register with the FCA since January in a move designed to better prevent financial criminal activity.