NatWest blocks transfers to Binance amid regulatory uncertainty

British bank NatWest blocked transfers to the Bitcoin exchange Binance, citing regulatory uncertainty.

I welcome advice on how I spend & invest my money here in the UK, but do not force obstruction. This is so far from the solution to the problems you are claiming it solves within @binance & cryptocurrency scams @NatWest_Help. pic.twitter.com/cKKwM2UQKY

— FEGMike 🇬🇧 (@FegMike) July 22, 2021

One user supplied a screenshot of a message from NatWest’s customer service. It says that transfers from debit and credit cards to Binance are being blocked because of regulatory uncertainty around the Bitcoin exchange and the rising incidence of cryptocurrency fraud.

In June, the UK’s Financial Conduct Authority prohibited Binance’s UK arm from conducting any regulated activity without prior written approval from the agency.

A NatWest spokesperson told Cointelegraph that the block would last “for several weeks”. He said the decision to resume transfers “will be subject to regular review”.

“We are temporarily reducing the transfer limit to cryptocurrency exchanges. We will also not process payments to some of them where we have observed a significant level of fraud. The restrictions do not apply to incoming funds from these platforms,” the spokesman explained.

Earlier in July, the difficulties NatWest customers faced with transfers to Bitcoin exchanges first became known .

In May, the institution warned its clients about cryptocurrency fraud.

NatWest took a similar step after analogous moves by Barclays and Santander.

In July, the British payments system Clear Junction refused to process payments related to Binance.

Earlier, the Bitcoin exchange suspended euro deposits via the SEPA payment system.

Subscribe to ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news, infographics and opinions