NatWest Group, a reputable UK banking firm, has halted payments to the world’s largest cryptocurrency exchange by trading volume, Binance. The decision is owed to the crackdown on the cryptocurrency exchange by the watchdog of the UK, Financial Conduct Authority (FCA).
Binance continues to battle regulators as NatWest is the latest to suspend facilitation of payments to the bank. Barclays Bank, Santander, Clear Junction among other top banking firms in the UK have cut ties with the exchange for now due to the illegal declaration of its operation in the region by the FCA.
The company informed its customers of suspending payments to Binance as a result of the unclear situation around the company and regulators;
“With an increase in scams relating to cryptocurrency and regulatory uncertainty around Binance in the U.K., we want to make sure that your money is safe. That’s why we’ll be declining all credit and debit card payments to them until further notice.”
Prior to the ban on Binance, the banking firm was said to have reduced the limit that could be deposited to Crypto exchanges last month, June.
Also in a tweet, it stated that it is not blocking payments altogether but only “will restrict payments to cryptocurrency exchanges that present the highest risk of financial harm”.
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