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“It’s almost as if people can’t spend their money on what they want anymore,” one Twitter user observed in response to NatWest’s action against Binance.
NatWest, a major retail and commercial bank based in the United Kingdom, has suspended all credit and debit card payments to cryptocurrency exchange Binance until further notice, the bank confirmed to Cointelegraph on Thursday.
“Binance has blocked all credit and debit card transactions. We’ve been limiting payments to Binance for a few weeks now “a NatWest spokesperson said, adding that resuming Binance support will be reviewed on a regular basis.
According to the representative, the bank has seen an increase in cryptocurrency investment scams targeting its customers in retail and business banking, particularly through social media sites. “We are temporarily lowering the maximum daily amount that a customer can send to cryptocurrency exchanges and blocking payments to a small number of cryptocurrency asset firms where we have detected particularly high levels of fraud. Our customers will continue to be able to pay with cryptocurrencies “As the spokesperson pointed out,
The move has triggered widescale outrage in the crypto community, with many disgruntled NatWest clients expressing their discontent with the bank willing to decide how to spend their money.
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
Some crypto enthusiasts expressed disappointment with Natwest’s move, with one Twitter user stating that “It’s like people can’t spend their money on what they want anymore.” One reported NatWest user even complained, ”I will be removing my long term custom, and I encourage others to do the same. I have not authorised them to make financial decisions on my behalf.“
Previously, NatWest restricted crypto services to its customers. In late June, the company imposed a daily limit on crypto purchases by its clients, aimed at a number of cryptocurrency exchanges, including Binance.
The bank has followed in the footsteps of Barclays, a British multinational universal bank that began blocking payments to Binance in late June and will continue to do so until further notice. Binance’s spokesperson later clarified that the Financial Conduct Authority’s recent warning about the firm only applied to Binance Markets Limited, a separate legal entity from the main global exchange that operates through Binance.com.