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After Barclays and Santander, UK Bank Natwest Blocks Payments to Binance – News Bitcoin News

by BNP
July 24, 2021
in Bitcoin News
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A significant excessive avenue financial institution within the U.Ok., Natwest, has blocked funds to crypto trade Binance. Natwest’s choice got here after two different main British banks — Barclays and Santander — made an analogous transfer to dam fund transfers to Binance. The banks acted in response to a warning on the cryptocurrency trade by the U.Ok.’s Monetary Conduct Authority (FCA).

Natwest Blocking Fund Transfers to Binance

British financial institution Natwest (NWG.L) has reportedly develop into the newest monetary establishment within the U.Ok. to dam funds to cryptocurrency trade Binance. In keeping with its 2020 annual report, Natwest Group is the biggest enterprise and business financial institution within the U.Ok., with 19 million prospects throughout the U.Ok. and Eire.

A Natwest spokesperson defined that the financial institution has seen a excessive degree of cryptocurrency funding scams concentrating on prospects throughout retail and enterprise banking, notably by way of social media web sites.

“To guard our prospects from the criminals exploiting these platforms, we’re briefly lowering the utmost every day quantity {that a} buyer can ship to cryptocurrency exchanges in addition to blocking funds to a small variety of cryptocurrency asset companies the place we now have seen notably important ranges of fraud-related hurt for our prospects,” the spokesperson stated, including:

Our prospects will nonetheless have the ability to settle for cryptocurrencies as types of fee.

The U.Ok.’s Monetary Conduct Authority (FCA) issued a warning about Binance on June 26 stating that the crypto trade was not permitted to have interaction in regulated actions.

Following the FCA’s warning, Barclays stopped shoppers from sending funds to Binance. Santander Financial institution adopted go well with and blocked funds to the crypto trade.

Binance has suspended GBP withdrawals and EUR deposits by way of SEPA financial institution transfers and repair suppliers Quicker Funds and Clear Junction have stopped processing funds for the crypto trade. In the meantime, Visa and Mastercard stated they’re monitoring Binance’s regulatory compliance and haven’t reduce ties with the corporate.

In addition to the FCA, a rising listing of regulators have issued warnings in opposition to Binance, together with regulators in Hong Kong, Lithuania, Italy, Thailand, Cayman Islands, and Japan.

What do you consider banks blocking funds to Binance? Tell us within the feedback part beneath.

Tags on this story
Barclays, Binance, binance uk, block binance, FCA, fca binance, NatWest, Natwest Financial institution, natwest binance, funds to binance, Santander Financial institution, UK Financial institution

Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It isn’t a direct provide or solicitation of a suggestion to purchase or promote, or a advice or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, straight or not directly, for any harm or loss induced or alleged to be brought on by or in reference to using or reliance on any content material, items or companies talked about on this article.





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