NatWest blocks payments to crypto platform Binance

July 22, 2021
After two weeks of a relentless crackdown on Binance, NatWest has become the latest bank to block payments to the world’s largest crypto exchange by volume.

UK bank NatWest (NWG.L) has become the latest financial institution to freeze out cryptocurrency trading platform Binance, according to Yahoo Finance!

This follows moves from peers Santander (SAN.MC) and Barclays (BARC.L) after the Financial Conduct Authority (FCA) issued a warning to consumers that one of the world’s largest bitcoin (BTC-USD) exchanges is not permitted to undertake regulated activities in the UK.

Binance Markets was ordered to remove all advertising and financial promotions by 30 June.

The company has been required to make clear on its website, social media platforms, and all other communications, that it is no longer permitted to operate in the UK, and must not carry out any regulated activities in Britain without prior consent.

A NatWest spokesperson said the bank has seen a high level of cryptocurrency investment scams targeting customers across retail and business banking, particularly through social media sites.

“Our customers will still be able to accept cryptocurrencies as forms of payment,” he said.

It has been a turbulent few weeks for the exchange. Last week, Binance suspended GBP and EUR withdrawals after payments provider Clear Junction stopped facilitating them.

A statement on Clear Junction’s website confirmed the move, citing an FCA ruling on the exchange.

At the time Binance said it was working to correct the problem and that it is committed to working with regulators to protect consumers.

Copyright @ Yahoo Finance

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