After Barclays and Santander, UK Bank Natwest Blocks Payments to Binance

Capture20

A major high street bank in the U.K., Natwest, has blocked payments to crypto exchange Binance. Natwest’s decision came after two other major British banks — Barclays and Santander — made a similar move to block fund transfers to Binance. The banks acted in response to a warning on the cryptocurrency exchange by the U.K.’s Financial Conduct Authority (FCA).

Natwest Blocking Fund Transfers to Binance

British bank Natwest (NWG.L) has reportedly become the latest financial institution in the U.K. to block payments to cryptocurrency exchange Binance. According to its 2020 annual report, Natwest Group is the largest business and commercial bank in the U.K., with 19 million customers across the U.K. and Ireland.

A Natwest spokesperson explained that the bank has seen a high level of cryptocurrency investment scams targeting customers across retail and business banking, particularly through social media websites.

“To protect our customers from the criminals exploiting these platforms, 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-related harm for our customers,” the spokesperson said, adding:

Our customers will still be able to accept cryptocurrencies as forms of payment.

The U.K.’s Financial Conduct Authority (FCA) issued a warning about Binance on June 26 stating that the crypto exchange was not permitted to engage in regulated activities.

Following the FCA’s warning, Barclays stopped clients from sending funds to Binance. Santander Bank followed suit and blocked payments to the crypto exchange.

Binance has suspended GBP withdrawals and EUR deposits via SEPA bank transfers and service providers Faster Payments and Clear Junction have stopped processing payments for the crypto exchange. Meanwhile, Visa and Mastercard said they are monitoring Binance’s regulatory compliance and have not cut ties with the company.

Besides the FCA, a growing list of regulators have issued warnings against Binance, including regulators in Hong Kong, Lithuania, Italy, Thailand, Cayman Islands, and Japan.

What do you think about banks blocking payments to Binance? Let us know in the comments section below.

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 61,128.38
ethereum
Ethereum (ETH) $ 3,373.02
tether
Tether (USDT) $ 0.999474
bnb
BNB (BNB) $ 571.25
solana
Solana (SOL) $ 137.58
usd-coin
USDC (USDC) $ 0.999777
staked-ether
Lido Staked Ether (STETH) $ 3,371.81
xrp
XRP (XRP) $ 0.476029
the-open-network
Toncoin (TON) $ 7.57
dogecoin
Dogecoin (DOGE) $ 0.123368
cardano
Cardano (ADA) $ 0.392878
tron
TRON (TRX) $ 0.121822
shiba-inu
Shiba Inu (SHIB) $ 0.000017
avalanche-2
Avalanche (AVAX) $ 25.19
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 61,242.41
chainlink
Chainlink (LINK) $ 13.92
polkadot
Polkadot (DOT) $ 5.86
bitcoin-cash
Bitcoin Cash (BCH) $ 380.52
uniswap
Uniswap (UNI) $ 9.44
near
NEAR Protocol (NEAR) $ 5.58
wrapped-eeth
Wrapped eETH (WEETH) $ 3,506.02
leo-token
LEO Token (LEO) $ 5.75
matic-network
Polygon (MATIC) $ 0.571624
litecoin
Litecoin (LTC) $ 70.70
dai
Dai (DAI) $ 0.999515
pepe
Pepe (PEPE) $ 0.000012
fetch-ai
Fetch.ai (FET) $ 1.67
internet-computer
Internet Computer (ICP) $ 8.17
kaspa
Kaspa (KAS) $ 0.155774
ethena-usde
Ethena USDe (USDE) $ 0.999443
ethereum-classic
Ethereum Classic (ETC) $ 23.39
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,405.82
aptos
Aptos (APT) $ 7.01
render-token
Render (RNDR) $ 7.81
monero
Monero (XMR) $ 162.65
hedera-hashgraph
Hedera (HBAR) $ 0.080053
cosmos
Cosmos Hub (ATOM) $ 6.95
arbitrum
Arbitrum (ARB) $ 0.830760
stellar
Stellar (XLM) $ 0.090971
filecoin
Filecoin (FIL) $ 4.43
okb
OKB (OKB) $ 41.45
mantle
Mantle (MNT) $ 0.757535
blockstack
Stacks (STX) $ 1.72
crypto-com-chain
Cronos (CRO) $ 0.091617
immutable-x
Immutable (IMX) $ 1.55
injective-protocol
Injective (INJ) $ 23.04
first-digital-usd
First Digital USD (FDUSD) $ 1.00
maker
Maker (MKR) $ 2,326.11
sui
Sui (SUI) $ 0.884571
lido-dao
Lido DAO (LDO) $ 2.39