NatWest cuts payment channels to Binance citing regulatory uncertainty

NatWest cuts payment channels to Binance citing regulatory uncertainty

NatWest, a major United Kingdom-based retail and commercial bank, has blocked all credit and debit card payments to crypto exchange Binance until further notice, multiple users on social media reported on Thursday.

“With an increase in scams relating to cryptocurrency and regulatory uncertainty around Binance in the United Kingdom, we want to make sure that your money is safe,” NatWest reportedly said in a customer notice.

The move has triggered wide-scale outrage in the crypto community, with many disgruntled NatWest clients expressing their discontent with the bank willing to decide how to spend their money.

I welcome advice on how I spend & invest my money here in the UK, but do not force obstruction. This is so far from the solution to the problems you are claiming it solves within @binance & cryptocurrency scams @NatWest_Help. pic.twitter.com/cKKwM2UQKY— FEGMike (@FegMike) July 22, 2021

Some crypto enthusiasts expressed disappointment with Natwest’s move, with one Twitter user stating that “it’s like people can’t spend their money on what they want anymore.” One reported NatWest user even complained, ”I will be removing my long term custom, and I encourage others to do the same. I have not authorised them to make financial decisions on my behalf.“

Niether Binance nor NatWestdid not immediately respond to Cointelegraph’s request for comment.

NatWest has previously restricted crypto services to its users. The company introduced a daily limit for crypto purchases by its clients in late June, targeting a number of crypto exchanges including Binance.

The bank has followed the example of Barclays, the British multinational universal bank that started blocking payments to Binance in late June until further notice. A spokesperson for Binance subsequently emphasized that the Financial Conduct Authority’s recent warning about the firm only applied to Binance Markets Limited, a separate legal entity from the main global exchange that operates through Binance.com.

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