NatWest Blocks Payments to Binance in UK Citing Customer Protection


NatWest in the UK has become the latest high street bank in the country to block fund transfers to Binance. Recently, Santander Bank and Barclays made a similar move.

July 22, 2021, | AtoZ MarketsUK commercial and retail bank NatWest has blocked all credit and debit card payments to the Binance cryptocurrency exchange until further notice, a number of NatWest customers reported on social media on Thursday.

With the rise in cryptocurrency fraud and regulatory uncertainty around Binance in the United Kingdom, we want to make sure your money is safe,” NatWest said in a notice to customers.

All Natwest payments to Binance are blocked

The move has sparked widespread outrage in the crypto community, with many disgruntled NatWest customers expressing dissatisfaction with the bank wishing to decide how to spend their money.

Read also: UK Bank NatWest Will Refuse Service to Crypto-Related Businesses

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Some cryptocurrency enthusiasts have expressed frustration with Natwest's single-user Twitter move declaring that "people can no longer spend their money on what they want." One reported a NatWest user even complaining, “I will take away my long-standing custom and I encourage others to do the same. I have not authorized them to make financial decisions on my behalf. "

Neither Binance nor NatWest immediately responded to a request for comment.

NatWest previously restricted the use of crypto services for its users. At the end of June, the company introduced a daily limit on cryptocurrency purchases by its customers, targeting a number of crypto exchanges, including Binance.

The bank followed the lead of Barclays, the UK's multinational universal bank, which began blocking payments on Binance in late June until further notice.

Read also: More Woes for Binance as UK’s Clear Junction Cut Ties

A Binance spokesperson subsequently stressed that the FCA's recent warning about the firm only concerned Binance Markets Limited, a separate entity from the main global exchange that operates through Binance.com.

What do you think about NatWest blocking fund transfers to Binance for customer protection? Let us know in the comments section below.

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