NatWest and crypto warning

Just logged into my NatWest app and spotted this (dismissable) warning before I got to my accounts. I wonder if Monzo should do something similar…?

7 Likes

RBS app has the same warning.

2 Likes

Whilst it’s a nice gesture from the banks, I suspect most users just dismiss the warnings and don’t read them.

1 Like

I guess anything is better than nothing? I wonder if they will do another more stern warning if they actually see crypto transactions being done from the account…?

2 Likes

That made me curious so I checked out a few exchanges using the FCA website:

  • Coinbase - NewRegister - “Institution to refrain from AIS or PIS for an indefinite period”
  • Blockchain - NewRegister - classed as a cloned firm
  • Binance - NewRegister - “Closed to new lending business for retail customers.”
  • Kraken - NewRegister - classed as a cloned firm
1 Like

That explains why they have a wait list for UK customers then. I just assumed it was a new feature they were getting ready

Do you have a particular suggestion in mind that would do a better job at remedying this issue?

1 Like

I suspect the warning is as much for the benefit of Natwest as it is the customers, if not more so.

That is, when customers complain to Natwest at having lost their money, Natwest can point and say “We told you all this before you spent a penny. You’re not getting any back, sorry.”

I don’t think Monzo will do the same just yet, I think they’re still trying to skirt a line between clamping down on ‘business’ trading while letting people make small investments for personal use.

2 Likes

They missed a point:

  • The value of cryptocurrency will fluctuate in accordance with Elon Musk’s mood that day
3 Likes

If I got it right, NatWest does not forbid cryptocurrency trading, only issued an additional warning/notice about its outcomes :nerd_face::pleading_face:

Still, it did underline about potentially fake crypto wallets and scams :expressionless:.
My credit to NatWest :+1:

1 Like

“Must comply with the requirements in regulation 78A(2)(b)of the Electronic Money Regulations 2011 to refrain from providing account information services or payment initiation services for an indefinite period”

Sorry, does this mean that they are technically licensed to operate e-money accounts, but have been asked to refrain from providing account info related services…and there’s a probable crossover?

I personally read that as they can’t act as a payment processor, therefore money receipts have to come from a bank and transfers out to be paid to a bank (to stop the use of setting up CPA’s directly from debit or even credit cards possibly?)

Coinbase allows Paypal withdrawals - but withdrawals only - you can’t use Paypal (and therefore bank accounts linked to Paypal) to set-up repeating payments to Coinbase.

It’ll be a step to protect Coinbase customers from having their non-Coinbase bank accounts emptied if things go wrong.

1 Like