NatWest convicted for arbitrarily deciding how customers’ money is spent after blocking credit and debit card transactions with Binance

NatWest, a large British private and commercial bank, has blocked all credit and debit card payments to the Binance exchange until further notice. A NatWest spokesperson said:

“All credit and debit card transactions with Binance have been blocked. We have limited payments to Binance for several weeks and will consider continuing to support Binance.

The bank said it saw a spate of crypto investment fraud targeting its retail and corporate clients, particularly through social media sites.

“Our customers can continue to accept cryptocurrencies as a means of payment. However, we are temporarily reducing the maximum daily amount customers can send to crypto exchanges and blocking payments to a small number of crypto asset companies which I believe are the most severely fraudulent, ”the spokesman said.

The move sparked great outrage in the crypto community, with many angry NatWest customers expressing their displeasure. upset with the act of arbitrarily deciding how to spend their money.

Some crypto enthusiasts expressed frustration on Twitter, saying that “this action has made it impossible for people to spend money the way they want”. One NatWest user even claimed to “remove the long-term customer option and encourage people to follow suit. I am not authorizing them to make financial decisions on my behalf.”

NatWest had previously restricted users’ crypto services with a daily limit on crypto purchases in late June and targeted multiple exchanges, including Binance.

The bank followed in Barclays’ footsteps when the UK multinational bank blocked payments to Binance until further notice in late June. A Binance spokesperson later pointed out that the FCA’s recent warning only applies to Binance Markets Limited, a separate entity from the main global exchange that operates through Binance.com.

Annie

According to Cointelegraph

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