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NatWest cuts payment channels to Binance, citing regulatory uncertainty

July 22, 2021. Summarized by summa-bot.

Compression ratio: 53%. 1 min read.

NatWest is the latest bank in the United Kingdom to block payments to Binance, citing an “increase in scams” and regulatory uncertainty around the crypto exchange.

NatWest, a major United Kingdom-based retail and commercial bank, has blocked all credit and debit card payments to crypto exchange Binance until further notice, multiple users on social media reported on Thursday.

“With an increase in scams relating to cryptocurrency and regulatory uncertainty around Binance in the United Kingdom, we want to make sure that your money is safe,” NatWest reportedly said in a customer notice.

The move has triggered widescale outrage in the crypto community, with many disgruntled NatWest clients expressing their discontent with the bank willing to decide how to spend their money.

Some crypto enthusiasts expressed disappointment with Natwest’s move, with one Twitter user stating that “It’s like people can’t spend their money on what they want anymore. ”  One reported NatWest user even complained, ”I will be removing my long term custom, and I encourage others to do the same.

The company introduced a daily limit for crypto purchases by its clients in late June, targeting a number of crypto exchanges including Binance.

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