Wednesday, September 22, 2021
Finance

UK bank NatWest blocks payments to Binance

NatWest

NatWest acted after Binance has come under increasing regulatory pressures

In the latest blow to Binance, the world’s largest cryptocurrency exchange, U.K. bank NatWest is now blocking its customers from making payments to Binance both in the U.K. and abroad, reports Yahoo Finance. NatWest acted after Binance has come under increasing regulatory pressures.

All credit and debit card transactions to Binance have been blocked. We have been limiting payments to Binance for a number of weeks, a spokesperson for NatWest said, adding that resuming Binance support will be continually under review.

We’re temporarily reducing the maximum daily amount that a customer can send to cryptocurrency exchanges as well as blocking payments to a small number of cryptocurrency asset firms where we have seen particularly significant levels of fraud. Our customers will still be able to accept cryptocurrencies as forms of payment, the spokesperson noted.

The move has triggered widescale outrage in the crypto community, with many disgruntled NatWest clients expressing their discontent with the bank willing to decide how to spend their money.

Some crypto enthusiasts expressed disappointment with Natwest’s move, with one Twitter user stating that “It’s like people can’t spend their money on what they want anymore.”  One reported NatWest user even complained, ”I will be removing my long term custom, and I encourage others to do the same. I have not authorised them to make financial decisions on my behalf.“

NatWest has previously restricted crypto services to its users. The company introduced a daily limit for crypto purchases by its clients in late June, targeting a number of crypto exchanges including Binance.

NatWest Group has now joined two other major British banking institutions – Santander UK and Barclays – in halting payments to Binance.

In late June, Binance Markets Limited, a London-based entity of the exchange, received a warning from the Financial Conduct Authority (FCA) about not being able to conduct any regulated activity in the U.K.

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