NatWest blocks payments to the Binance crypto platform

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NatWest is the latest bank to block payments to Binance. Photo: Thiago Prudencio / SOPA Images / Sipa United States

UK bank NatWest (NWG.L) has become the latest financial institution to freeze the Binance cryptocurrency trading platform.

This follows decisions by its peers Santander (SAN.MC) and Barclays (BARC.L) after the Financial Conduct Authority (FCA) warned consumers that one of the world’s largest bitcoin exchanges (BTC-USD ) is not authorized to engage in regulated activities. UK activities.

Binance Markets has been ordered to remove all financial advertisements and promotions by June 30.

The company was required to make it clear on its website, social media platforms and all other communications that it is no longer licensed to operate in the UK and that it is not to carry on any regulated activity in Grande -Brittany without prior consent.

A spokesperson for NatWest said the bank had witnessed a high level of cryptocurrency investment scams targeting customers of retail and corporate banks, particularly through social media sites.

To protect our clients from criminals operating these platforms, we were temporarily reducing the maximum daily amount a client can send to cryptocurrency exchanges as well as blocking payments to a small number of crypto asset companies. currency where we have seen particularly high levels of related fraud harming our customers, ”they said.

“Our customers will still be able to accept cryptocurrencies as a means of payment.

Read more: From Binance to Coinbase: The Rise of Cryptocurrency Exchanges

The exchange has been hectic for a few weeks. Last week, Binance suspended GBP and EUR withdrawals after payment provider Clear Junction stopped facilitating them.

A statement on the Clear Junction website confirmed the move, citing an FCA decision on the exchange.

At the time, Binance said it was working to correct the problem and is committed to working with regulators to protect consumers.

Watch: What are the risks of investing in cryptocurrency?

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