According to Barclays, Santander Bank blocks payments to Binance in the UK, citing customer protection – Bitcoin News

The UK’s Santander Bank is the country’s newest high street bank blocking money transfers to the Binance cryptocurrency exchange. Recently, Barclays and Natwest Banks reportedly took a similar move.

  • Several Santander Bank customers reported on social media that they received an email from the bank starting July 8th saying, “We’re stopping payments to Binance for your protection”. The bank stated:

This follows the latest warning from the Financial Conduct Authority (FCA) to consumers and is designed to protect you from fraud. For now, we would like to restrict payments from the financial sector to your account (s).

  • The email continues: “We are taking this step because we want to do everything we can to protect you and your money. We will continue to monitor the situation and inform you if anything changes. “

  • A Santander customer representative said on social media: “In the last few months we have seen a sharp increase in UK customers who have been victims of cryptocurrency fraud. The safety of our customers is our top priority, so we decided to prevent payments to Binance following the FCA’s warning to consumers.
  • Recently, two other major high street banks in the UK took a similar move to block funds for Binance: Barclays and Natwest.
  • The FCA wasn’t the only regulator to issue a warning about Binance. Authorities in Thailand, the Cayman Islands, and Japan have issued a similar warning about crypto exchanges.
  • Binance recently suspended euro deposits via SEPA bank transfer. At the time of writing, this option is still disabled on the exchange’s website.

What do you think of Santander Bank blocking transfers to Binance to protect customers? Let us know in the comment section below.

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source https://bidsfor.me/according-to-barclays-santander-bank-blocks-payments-to-binance-in-the-uk-citing-customer-protection-bitcoin-news/

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