Santander Joins Barclays And Natwest To Block Crypto Payments To Binance

Santander UK is the latest bank to block crypto payments to a leading cryptocurrency exchange Binance. According to a customer update sent on Thursday, customers would still be able to receive funds from Binance, but would no longer be able to make payments to the cryptocurrency exchange. 

The banking giant follows the footsteps of UK banks Natwest and Barclays to block transactions to Binance.  One Twitter user posted a screenshot of a text message from Barclays, commenting alongside the screenshot: “Received a message from Barclays. They will stop me from sending funds to binance. China 2.0”.

Natwest also has put a limit on fund transfers to cryptocurrency exchanges, citing security concerns. Additionally, the bank announced they would be blocking payments to a number of cryptocurrency asset firms, including Binance.

“To protect our customers from the criminals exploiting these platforms, we’re temporarily reducing the maximum daily amount that a customer can send to cryptocurrency exchanges as well as blocking payments to a small number of cryptocurrency asset firms where we have seen particularly significant levels of fraud-related harm for our customers.”

Santander took to social media to defend their crypto-related actions, following a high number of complaints from their customers.

Binance has been the target of a number of financial institutions and regulatory bodies.

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