Santander blocks payments to Binance for UK customers

The British arm of Santander has notified customers that it will block payments to the cryptocurrency exchange Binance from their accounts. Decrypt reports.

In the email addressed to the Santander account holder that was in the publication’s possession, it states:

“We would like to inform you that, as of 8 July 2021, we will block sending funds to Binance from Santander accounts as far as possible.”

The institution explained the measure as ‘help in protecting’ customers and cited a warning from the financial regulator in the United Kingdom regarding the exchange.

In a statement, the Financial Conduct Authority (FCA) said that Binance Markets Limited, part of the Binance group, is not authorised to conduct any regulated activity in the country.

A regulator spokesperson confirmed to Decrypt that the FCA has concerns about the exchange’s anti-money-laundering standards.

The Securities and Exchange Commission of Thailand also stated that Binance operates in the country without a licence.

The Cayman Islands Monetary Authority initiated a probe into the company.

Following a series of statements by supervisory authorities, Binance founder Changpeng Zhao, in an open letter outlined the company’s plans to ensure regulatory compliance and protect customers.

In early July, banned customers from transferring funds to Binance, one of the UK’s largest financial groups Barclays.

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