The major retail and commercial UK bank NatWest has completely restricted deposits from its credit and debit cards to the Binance cryptocurrency exchange due to regulatory uncertainty.
The bank has been limiting deposits on digital asset exchanges, including Binance, for several weeks now. However, the actions of the UK Financial Conduct Authority (FCA) in relation to this particular site prompted NatWest management to completely block payments. In addition to Binance, payments were blocked in favor of some more companies, which ones were not specified.
The NatWest representative noted that this decision is associated with a high level of fraud when investing in cryptocurrencies and the bank’s desire to protect its customers. At the same time, the bank’s clients will be able to continue receiving payments in cryptocurrencies.
After a corresponding entry appeared in the User Center on the NatWest website, the cryptocurrency community exploded with criticism. One of the bank’s clients even said that he would take a long-term deposit, as he “did not give them the right to make financial decisions for him.”
Earlier, another large British bank, Barclays, banned deposits on the Binance exchange. The bans are related to a warning from the Financial Conduct Authority (FCA) that the site cannot carry out regulated activities in the country.
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