NatWest cuts payment channels to Binance, citing regulatory uncertainty

NatWest cuts payment channels to Binance, citing regulatory uncertainty

NatWest, a major United Kingdom-based retail and commercial bank, has blocked all credit and debit card payments to crypto exchange Binance until further notice, the bank confirmed to Cointelegraph on Thursday.

“All credit and debit card transactions to Binance have been blocked. We have been limiting payments to Binance for a number of weeks,” a spokesperson for NatWest said, adding that resuming Binance support will be continually under review.

The representative said that the bank has seen a high level of cryptocurrency investment scams targeting its customers across retail and business banking, particularly through social media sites. “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. Our customers will still be able to accept cryptocurrencies as forms of payment,” the spokesperson noted.

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