Natwest bank becomes the third bank and latest Financial giant in the UK to restrict the activities of cryptocurrency exchange Binance.
The British banking firm Natwest has joined a growing list of financial institutions that have severed connections with Binance, the world’s largest cryptocurrency exchange.
The banking behemoth cited regulatory uncertainties surrounding the cryptocurrency exchange in the United Kingdom as a major factor in their decision. According to the bank;
“Due to an increase in scams relating to cryptocurrency and regulatory uncertainty surrounding Binance in the UK we have taken steps to restrict payments to this merchant until further notice. We are also aware that Binance is currently not accepting some payments types. For more information about this please refer to Binance direct.”
Customers who have made any transaction on Binance in the last 12 months received SMS alerts from Natwest. Payment requests for bitcoin purchases using credit cards have also been declined by the bank.
Natwest is the third bank to impose restrictions on Binance Services.
Following the FCA’s warning, Natwest Group has become the third UK banking behemoth to limit payment services to Binance. Barclays and Santander Bank had already taken similar moves, prohibiting all payments to Binance.
Binance has been in regulatory hot water for a long time, and it has only gotten worse in the last month, with eight nations issuing regulatory and compliance warnings against the leading cryptocurrency exchange.
Until now, regulators in Japan, Thailand, Singapore, the Cayman Islands, Italy, Hong Kong, and the United Kingdom have all issued warnings to Binance.
It is also facing challenging regulatory challenges in the US. The crypto exchange that has been the most popular in a number of countries now faces sanctions from almost a half-dozen countries