NatWest CEO Warns Investors About Crypto Scammers in the UK

A National Westminster Bank executive warned investors about crypto scammers in the UK. The bank is commonly known as NatWest. Moreover, it is a major retail and financial bank in the United Kingdom.

According to David Lindberg, the CEO of NatWest, the crypto market in the UK is the worst, and investors should be careful when trading there.

Lindberg noted that investors should beware of dealing with digital assets in Britain. More so, he added that the market there is full of fraudsters with fake crypto exchanges that attract users into thinking they are investing. Besides, he emphasized that this could lead to devastating consequences for some people.

In his opinion, the British government, the police, banks, and social media operators should join forces and combat the scammers. Lindberg said,

Fraud and scams are an industry. They’re intelligent, and they move fast, and it’s heartbreaking to see how they try to destroy lives.

“They’re setting things up, with the look and feel of crypto exchanges, that aren’t. They’re just facades and our customers sometimes think they’re invested in crypto. And all they’re really doing is sending money to a fraudster,” Lindberg added.

Last month, the UK Financial Conduct Authority warned consumers about Binance Markets Limited and the Binance Group. The FCA said Binance Markets Limited can’t engage in any regulated activity in the UK.

According to FCA, no other entity in the Binance Group holds any form of UK authorization. This includes registration or licenses to conduct a regulated activity in the UK.