March 28, 2024

NatWest has completely blocked transfers to Binance

Major UK retail and commercial bank NatWest has completely limited deposits from its credit anddebit cards to Binance cryptocurrency exchange due to regulatory uncertainty.

The bank has been limiting the size for several weeksdeposits on digital asset exchanges, including Binance. However, the actions of the UK Financial Conduct Authority (FCA) in relation to this particular site prompted NatWest management to completely block payments. In addition to Binance, payments were blocked in favor of some other companies, which ones were not specified.

A NatWest spokesperson noted that such a solutionassociated with a high level of fraud when investing in cryptocurrencies and the bank's desire to protect its customers. At the same time, the bank's clients will be able to continue receiving payments in cryptocurrencies.

After the corresponding entry appears in the Centersupport for users on the NatWest website, the cryptocurrency community exploded with criticism. One of the bank's clients even said that he would take a long-term deposit, as he "did not give them the right to make financial decisions for him."

Formerly another major British bank, Barclaysbanned deposits on the Binance exchange. The bans are related to the warning from the Financial Conduct Authority (FCA) that the site cannot carry out regulated activities in the country.

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