NatWest, a major United Kingdom-based retail and commercial bank, has halted all credit and debit card payments to crypto exchange Binance until further notice, the bank confirmed to Cointelegraph on Thursday.
“All Binance credit and debit card transactions have been blocked. We have been limiting payments to Binance for several weeks,” a NatWest spokesperson said. He added that the resumption of Binance support will be continuously reviewed.
The representative added that the bank has seen a high level of cryptocurrency investment scams targeting its customers in retail and commercial banking, particularly through social media sites. “We are temporarily reducing the maximum daily amount 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 cryptocurrency as forms of payment,” the spokesperson said.
The move has caused widespread outrage in the crypto community, with many disgruntled NatWest customers expressing dissatisfaction with the bank that is set to decide how to spend their money.
I welcome advice on how to spend and invest my money in the UK, but do not oblige. It’s far from the solution to the problems you’re claiming it solves within @binance and cryptocurrency scam @NatWest_Help. pic.twitter.com/cKKwM2UQKY
— FEGMike (@FegMike) 22 July 2021
Some crypto enthusiasts expressed disappointment with NatWest’s move, along with a Twitter user while telling that “it seems people can no longer spend their money on what they want.” One also reported NatWest user complained, “I will remove my long-standing custom, and I encourage others to do the same. I have not authorized them to make financial decisions on my behalf.”
Binance did not immediately respond to a comment request from Cointelegraph.
Connected: Binance halts stock token sale, ‘effective immediately’
NatWest has previously restricted crypto services to its users. The company introduced daily limits for crypto purchases by its customers in late June, targeting several crypto exchanges, including Binance.
The bank has followed the example of British multinational Universal Bank Barclays, which in late June began withholding payments to Binance until further notice. A Binance spokesperson later emphasized that the Financial Conduct Authority’s recent warnings about the firm only apply to Binance Markets Ltd., a separate legal entity from the main global exchange that operates through Binance.com. unit is.