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After Barclays and Santander, UK Bank NatWest Stops Payments to Binance – News Bitcoin News

A major high street bank in the UK, NatWest, has blocked payments to crypto exchange Binance. NatWest’s decision comes after two other major British banks – Barclays and Santander – took similar steps to halt fund transfers to Binance. The banks took action in response to a warning on cryptocurrency exchanges by the UK’s Financial Conduct Authority (FCA).

NatWest Blocking Fund Transfer to Binance

British Bank NatWest[NWG.L]It has reportedly become the latest financial institution in the UK to block payments to cryptocurrency exchange Binance. According to its 2020 Annual Report, NatWest Group is the largest commercial and commercial bank in the UK with 19 million customers in the UK and Ireland.

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

“To protect our customers from criminals who exploit these platforms, we are temporarily reducing the maximum daily amount a customer can send to cryptocurrency exchanges as well as blocking payments to a smaller number of cryptocurrency asset firms. where we have seen particularly significant levels of fraud-related losses for our customers,” the spokesperson said, adding:

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

The UK’s Financial Conduct Authority (FCA) issued a warning regarding Binance on June 26, saying that the crypto exchange was not allowed to engage in regulated activities.

Following a warning from the FCA, Barclays blocked 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 Fast Payments and Clear Junction has stopped processing payments for the crypto exchange. Meanwhile, Visa and Mastercard said they are monitoring Binance’s regulatory compliance and have not broken ties with the company.

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

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

Tags in this story

Barclays, Binance, Binance UK, Block Binance, FCA, FCA Binance, NatWest, NatWest Bank, NatWest Binance, Pay to Binance, Santander Bank, UK Bank

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