Santander has become the latest bank to ‘for your protection’ prohibit payments from UK account users to cryptocurrency exchange Binance. Santander is the latest bank in the United Kingdom to prohibit account holders from sending money to Binance. The Financial Conduct Authority of the United Kingdom issued a consumer warning against Binance Markets Ltd last month. Santander has become the latest bank to inform its UK clients that payments to cryptocurrency exchange Binance will be blocked, claiming that the move is ‘for your protection.’
According to an email received by us, ‘from 8 July 2021, we’ll be halting payments from Santander accounts to Binance wherever possible.’ The email also cites the Financial Conduct Authority’s recent consumer warning, which claimed that Binance Markets Ltd ‘is not authorised to perform any regulated activity in the UK.’ ‘UK clients can continue to connect’ with Binance Group, the larger, international collection of Binance enterprises that has no official headquarters, according to a representative for the FCA. As a result, UK residents will be able to trade on the Binance exchange.
Santander has previously stated that it was reconsidering its stance toward cryptocurrency exchanges after experiencing a “significant surge in clients seeking to purchase cryptocurrencies in recent months.” A handful of UK banks have taken steps in recent weeks to restrict account customers’ access to Binance or crypto exchanges in general. NatWest banned transactions to crypto exchanges last month, and Barclays blocked account users from sending money to Binance earlier this week. Yet only a few days ago, Nationwide Building Society revealed that it was examining its cryptocurrency rules.
Binance CEO Changpeng Zhao has called for ‘clear regulations,’ while also emphasizing that ‘compliance is a process.’ The exchange also announced the hire of Jonathan Farnell, formerly of eToro, as its new director of compliance yesterday. The exchange has also battled to maintain its payment channels, suspending Euro bank deposits from the Single Euro Payments Area (SEPA) earlier this week.