Cryptocurrency exchange Binance has announced that it will no longer offer Binance Instant, a faster payment channel for large transactions, due to a regulatory decision by UK-based bank NatWest. In an official statement, Binance said that the move came after the bank “single-handedly created a regulatory uncertainty for the entire market”.
The UK banking giant, NatWest, is the latest bank to stop processing payments to Binance, the world’s largest cryptocurrency exchange. The withdrawal of NatWest, as well as all other UK financial institutions, is a result of regulatory uncertainty and pressure from the U.K.’s financial watchdog, the Financial Conduct Authority (FCA).
NatWest, a UK-based financial services company reportedly informed its customers that it might cut channels to Binance, one of the leading cryptocurrency exchanges. According to sources, the bank cited uncertainty regarding regulatory frameworks in the UK and the US as the reason. It remains unclear exactly how much this development will impact the exchange.
Multiple people on social media claimed on Thursday that NatWest, a prominent UK retail and commercial bank, had banned all credit and debit card payments to cryptocurrency exchange Binance until further notice.
“We want to make sure that your money is safe,” NatWest allegedly stated in a customer letter, citing a rise in cryptocurrency frauds and regulatory ambiguity around Binance in the United Kingdom.
The decision has sparked widespread anger in the crypto world, with many unhappy NatWest customers voicing their displeasure with the bank’s willingness to determine how their money is spent.
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
July 22, 2021 FEGMike (@FegMike)
Some cryptocurrency supporters were disappointed by Natwest’s decision, with one Twitter user saying, “It’s like people can’t spend their money on what they want anymore.” ”I will be withdrawing my long-term custom, and I urge others to do the same,” one NatWest customer said. They do not have my permission to make financial choices on my behalf.“
Binance and NatWest did not reply to a request for comment from Cointelegraph right away.
Binance has halted the sale of equity tokens, effective immediately.
Previously, NatWest’s crypto services were only available to its customers. In late June, the firm imposed a daily restriction on crypto purchases by its customers, targeting a number of cryptocurrency exchanges, including Binance.
The bank has followed in the footsteps of Barclays, the British international universal bank, which began restricting payments to Binance in late June and has continued to do so until further notice. The Financial Conduct Authority’s latest warning regarding Binance only applies to Binance Markets Limited, a distinct legal company from the primary global exchange that runs via Binance.com, according to a spokesman for Binance.
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