NatWest cuts payment channels for Binance citing regulatory uncertainty

NatWest, a large British private and commercial bank, has blocked all credit and debit card payments to the Binance crypto exchange until further notice. , reported many social media users on Thursday.

“With the proliferation of crypto fraud and regulatory uncertainty related to Binance in the UK, we want to make sure your funds are safe,” NatWest said in a statement to the client.

The move has generated widespread outrage in the crypto community, with many angry NatWest customers expressing their displeasure with the bank’s willingness to decide how their money should be spent.

I welcome advice on how to spend and invest my money in the UK but don’t stand in the way. This is not a solution to the problems you are complaining about, it solves itself within @binance & Cryptocurrency fraud @NatWest_Hilfe. pic.twitter.com/cKKwM2UQKY

– FEGMike (@FegMike) July 22, 2021

Several crypto enthusiasts expressed disappointment over the move from Natwest with a Twitter user clarify “It’s like people can’t spend their money on what they want anymore.” A NatWest user even reported complain, “I will break my age-old habit and encourage others to do the same. I have not authorized you to make financial decisions on my behalf. “

Neither Binance nor NatWest immediately responded to Cointelegraph’s request for comment.

Connected: Binance is discontinuing the sale of security tokens “with immediate effect”

NatWest previously limited crypto services to its users. The company introduced a daily limit on crypto purchases by customers in late June that targets multiple crypto exchanges, including Binance.

The bank has followed the example of Barclays, a UK multinational bank, which began blocking payments to Binance until further notice in late June. A Binance spokesperson then pointed out that the Financial Conduct Authority’s recent warning of the company only applies to Binance Markets Limited, a separate entity from the main global exchange that operates through Binance. .com operates.