NatWest cuts payment channels to Binance on the grounds of regulatory uncertainty

The bank confirmed to Cointelegraph on Thursday that NatWest, a major UK-based retail and commercial bank, has blocked all credit and debit card payments to cryptocurrency exchange Binance until further notice.

A NatWest spokesperson said: “All credit and debit card transactions to Binance have been blocked. We have been restricting payments to Binance for several weeks.” He added that the review of Binance will continue. support.

The representative stated that the bank has discovered high-level cryptocurrency investment fraud against retail and commercial banking customers, especially through social media sites. “We temporarily reduced the maximum daily amount that customers can send to cryptocurrency exchanges and prevented payments to a few cryptocurrency asset companies, among which we found that fraud was particularly serious. Our customers can still accept cryptocurrencies as Payment method,” the spokesperson pointed out.

The move triggered widespread anger in the crypto community, and many dissatisfied NatWest customers expressed their dissatisfaction with banks willing to decide how to spend their money.

Some crypto enthusiasts expressed disappointment with Natwest’s actions, a Twitter user statement “It’s like people can no longer spend money on what they want.” A NatWest user who reported even complain, “I will cancel my long-term habit and encourage others to do the same. I have not authorized them to make financial decisions on my behalf.”

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

related: Binance ceases stock token sales, “effective immediately”

NatWest has previously restricted its users from using encryption services.the company Introduced a daily limit for cryptocurrency purchases In late June, its customers targeted multiple cryptocurrency exchanges including Binance.

The bank imitates the British multinational universal bank Barclays Bank Start blocking payments to Binance Late June until further notice. A Binance spokesperson then emphasized that the Financial Conduct Authority’s Recent warnings to the company as long as Applied to Binance Market Co., Ltd., An independent legal entity independent of the major global exchanges operated through Binance.com.