Royal Bank of Scotland Limits User Transfers to Crypto Exchanges

Royal Bank of Scotland has limited crypto transfers to GBP 1,000 per day.
Users complained about the bank’s sudden restrictions concerning cryptocurrencies.
Binance also banned users from depositing or withdrawing GBP from its platform.

Royal Bank of Scotland (RBC) users recently complained about the bank, saying that it is limiting them from sending funds to crypto exchanges.

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One Redditor shared the post, saying that he received the notification from RBC via text. According to the post, RBC will limit crypto-related transfers to GBP 1,000 per day.

The post aligns with what is stated on the RBC website. What is worse, users will only be able to send a maximum amount of GBP 5,000 to crypto exchanges within 30 days. Otherwise, the bank will block transfer attempts exceeding the said limitations.

As for the motivation for the crypto limitations, RBC explained that it only wants to prevent users from getting scammed.

The bank said:

“We are also aware of the increasing risk posed by fraudsters exploiting this trend to dupe customers out of millions of pounds per month. As such, we have decided to take proportionate action to keep our customers safe and secure.”

On the other hand, customers questioned the motives behind this recent change. The Redditor asked, “how is it they can limit crypto currency purchases but they can’t limit people from blowing their life savings gambling?”

In other news, Binance has stopped European and UK-based users from buying Russian rubles on its platform due to its partner Skrill discontinuing the service. GBP deposits and withdrawals are also prohibited on the said crypto exchange.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.