Latest global payments news, March 15, 2023 | PaymentsSource

NatWest is limiting customers to about $1,218 in daily payments to crypto exchanges, with a 30-day limit of about $6,100, citing concerns over illegal activity. The bank contends that more than $350 million was lost over the past year to cryptocurrency scams, such as when crooks dupe consumers into making transfers to exchanges, according to Yahoo Finance. NatWest’s crypto restrictions follow other U.K. banks which recently set cryptocurrency restrictions. Nationwide and HSBC have banned the use of credit cards to buy cryptocurrency, with Nationwide capping debit card crypto purchases to about $6,100 per day. Cryptocurrency exchanges are largely unregulated in the U.K., and the U.K.’s version of the FDIC, the Financial Services Compensation Scheme, does not insure cryptocurrency. —John Adams