UK payment providers NatWest and Paysafe would impose restrictions on transfers to crypto exchanges as the whole market is dealing with regulatory pressure.
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As per a report by the Financial Times, NatWest has imposed daily and monthly limits on banking transfers to cryptocurrency exchanges to "help protect consumers losing life changing sums of money." The UK's big customer bank has imposed a £1,000 daily limit (~$1,219) and £5,000 30-day limit on crypto-related payments.
Paysafe, which processed British pound deposits and withdrawals for Binance, also ended its relations with the exchange, saying the UK regulatory environment in relation to crypto is "too challenging." Binance said it would stop accepting deposits in British pounds on May 22, 2023.
In early March, British banks, Nationwide Building Society and HSBC Holdings, limited their customers access to the crypto market by lowering the daily amount of crypto they can purchase. Nationwide imposed daily limits of £5,000 (~$6,096) on debit-card crypto purchases. The bank also barred its clients from using credit cards from crypto purchases.
Last year, the British arm of Santander, Santander UK, also decreased the amount of cash users can spend to buy crypto. The bank's customers can no longer send over £1,000 per transaction or £3,000 in any rolling 30-day period to crypto-related addresses.
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