After Barclays, Santander Bank blocks payments to Binance in UK citing customer protection – Bitcoin News

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Santander Bank in the UK has become the latest bank in the country to block transfers of funds to the Binance cryptocurrency exchange. Recently, Barclays and Natwest banks have reportedly taken a similar step.

  • A number of Santander Bank customers have reported on social media that they have received an email from the bank saying, “We are stopping payments to Binance for your protection,” as of July 8. The bank explained:

This follows the recent Financial Conduct Authority (FCA) warning to consumers and aims to protect you against fraud. For now, we want to restrict payments from finance to your account (s).

  • The email continues, “We are taking this action because we want to do everything we can to protect you and help keep your money safe. We will continue to monitor the situation and let you know if anything changes. “

  • A representative of Santander customers further explained on social media: “In recent months we have seen a sharp increase in the number of UK customers who are victims of cryptocurrency fraud. Ensuring the safety of our customers is a top priority, so we decided to prevent payments to Binance following the FCA warning to consumers. “
  • Recently, two other major UK banks took a similar step to block funds to Binance: Barclays and Natwest.
  • The FCA was not the only regulator to issue a warning on Binance. Authorities in Thailand, the Cayman Islands and Japan have also issued a similar warning regarding the crypto exchange.
  • Binance recently suspended euro deposits through SEPA bank transfers. At the time of writing, this option is still disabled on the exchange website.

What do you think of Santander Bank’s blocking of fund transfers to Binance for client protection? Let us know in the comments section below.

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