NatWest cuts payment channels to Binance, citing regulatory uncertainty

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NatWest, a large UK-based retail and commercial bank, has blocked all credit and debit card payments to the Binance crypto exchange until further notice, the bank confirmed to TBEN on Thursday.

“All credit and debit card transactions to Binance have been blocked. We have been limiting payments to Binance for several weeks,” a NatWest spokesperson said, adding that the resumption of Binance support would be continually in demand. study.

The representative said the bank had witnessed a high level of cryptocurrency investment scams targeting its customers in retail and business banking, especially through social media sites. “We are temporarily reducing the maximum daily amount a client can send to cryptocurrency exchanges and are blocking payments to a small number of cryptocurrency asset companies where we’ve seen particularly high levels of fraud. Our customers will still be able to accept cryptocurrencies as a form of payment, ”the spokesperson noted.

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The move sparked widespread outrage in the crypto community, with many disgruntled NatWest customers voicing their displeasure with the bank willing to decide how to spend their money.

Some crypto enthusiasts expressed disappointment with Natwest’s move, with a Twitter user declaring that “It’s like people can’t spend their money on what they want anymore. A NatWest user even reported complained, “I will remove my custom in the long run and encourage others to do the same. I didn’t allow them to make financial decisions on my behalf. ”

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Binance did not immediately respond to TBEN’s request for comment.

Related: Binance Stops Share Token Sales, “Effective Immediately”

NatWest previously limited crypto services to its users. The company introduced a daily limit on crypto purchases by its customers in late June, targeting a number of crypto exchanges, including Binance.

The bank followed the lead of Barclays, the British multinational universal bank which began blocking payments to Binance in late June until further notice. A Binance spokesperson then pointed out that the recent Financial Conduct Authority warning regarding the company only applied to Binance Markets Limited, a separate legal entity from the main global exchange that operates through Binance.com.

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