NatWest, a large UK-based retail and commercial bank, has blocked all credit and debit card payments to the Binance crypto exchange until further notice, multiple social media users reported Thursday.
“With an increase in cryptocurrency-related scams and regulatory uncertainty around Binance in the UK, we want to make sure your money is safe,” NatWest reportedly said in a customer review.
The move sparked widespread outrage in the crypto community, with many disgruntled NatWest customers voicing their displeasure with the bank willing to decide how to spend their money.
I want to receive advice on how I spend and invest my money here in the UK, but I am not forcing the obstruction. It’s so far from the solution to the problems you claim it solves in @binance & cryptocurrency scams @NatWest_Help. pic.twitter.com/cKKwM2UQKY
– FEGMike (@FegMike) July 22, 2021
Some crypto enthusiasts expressed disappointment with Natwest’s move, with a Twitter user declaring that “It’s like people can’t spend their money on what they want anymore. A NatWest user even reported complained, “I will remove my custom in the long run and encourage others to do the same. I didn’t allow them to make financial decisions on my behalf. ”
Neither Binance nor NatWest immediately responded to TUSEN’s request for comment.
Related: Binance stops sales of stock tokens, “effective immediately”
NatWest previously limited crypto services to its users. The company introduced a daily limit on crypto purchases by its customers in late June, targeting a number of crypto exchanges, including Binance.
The bank followed the lead of Barclays, the British multinational universal bank which began blocking payments to Binance in late June until further notice. A Binance spokesperson then pointed out that the recent Financial Conduct Authority warning regarding the company only applied to Binance Markets Limited, a separate legal entity from the main global exchange that operates through Binance.com.