“It’s like people can’t spend their money on what they want anymore,”
one Twitter user noted regarding NatWest’s action against Binance.
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, the bank confirmed to Cointelegraph on Thursday.
"All
credit and debit card transactions to Binance have been blocked. We
have been limiting payments to Binance for a number of weeks," a
spokesperson for NatWest said, adding that resuming Binance support will
be continually under review.
The representative said that the
bank has seen a high level of cryptocurrency investment scams targeting
its customers across retail and business banking, particularly through
social media sites. "We’re temporarily reducing the maximum daily amount
that a customer can send to cryptocurrency exchanges as well as
blocking payments to a small number of cryptocurrency asset firms where
we have seen particularly significant levels of fraud. Our customers
will still be able to accept cryptocurrencies as forms of payment," the
spokesperson noted.
The move has triggered widescale
outrage in the crypto community, with many disgruntled NatWest clients
expressing their discontent with the bank willing to decide how to spend
their money.
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.“
Binance did not immediately respond to Cointelegraph’s request for comment.
Related: Binance stops stock token sales, ‘effective immediately’
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.
source link : https://cointelegraph.com/news/natwest-cuts-payment-channels-to-binance-citing-regulatory-uncertainty
