Spanish bank Santander in the UK will no longer allow its customers to send payments to Binance, citing notices from the Financial Conduct Authority.
Multiple responses from Santander UK Twitter help account they said Today, the bank decided to “avoid payments” to the world’s largest cryptocurrency exchange in an effort to prevent fraud. will be the bank Here Customers said they could still withdraw funds from Binance, but were “following the FCA’s notice to consumers” by blocking payments.
Several Santander account holders expressed negative feelings about the bank’s decision:
“As an old account holder, don’t tell me how I can spend my money”, He said Twitter user Brian Moore. “If I choose to use Binance, that is my choice.”
London based user added:
“You are putting unsuspecting and informed customers at risk of losing a significant investment by locking in your binance. How is this fair or responsible? People can become victims of fraud or loss in many things; betting, bank fraud, telephone fraud. This is nonsense.”
Last month, the Financial Conduct Authority, or FCA, warned Consumers Binance Markets Limited is no longer allowed to engage in any ‘regulated activity’ in the UK. Although the FSA does not regulate cryptocurrencies such as Bitcoin (BTC) or Ether (ETH), some cryptocurrency derivatives and those that it considers bonds fall under its jurisdiction. The Financial Conduct Authority (FCA) told investors to “be wary of online and social media advertisements that promise high returns on investments in cryptocurrency groups or cryptocurrency related products.”
Subsequently, Binance responded to the warning, say That FCA’s mandate did not prevent the exchange – Binance.com – from doing business in the UK, where Binance Markets Limited was a separate entity. However, some prominent British financial institutions have already imposed restrictions on customers trading with Binance.
Related: Binance disappointed with Barclays’ ‘unilateral action’ to block customer paymentsمدفوعات
This week, British multinational bank Barclays told its clients that it will halt any credit or debit card payments made to cryptocurrency exchanges until further notice, also citing a Financial Conduct Authority (FCA) warning. British Starling Bank apparently Appointment Santander’s position that its customers can deposit cryptocurrency into their accounts, but that “the international currency provider does not support the purchase of cryptocurrency.” However, Monzo, another British bank, He said Today its clients are “welcome to invest in cryptocurrencies” in response to a question about the exchange’s restrictions.
Since 2019, no clear purchase window has appeared. Over 400 crypto pairs traded at 0% as of July 8 on OKEx.
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