u.today
Santander UK has banned payments to cryptocurrency exchange Binance, according to an email sent to its customers.
In the email, the banking behemoth claims that the move is meant to protect its clients against fraud while citing a recent warning about a Binance entity issued by the Financial Conduct Authority:
We're stopping payments to Binance for your protection. We want to let you know that from 8 July 2021, we'll be stopping payments from Santander accounts to Binance wherever possible. This follows the Financial Conduct Authority (FCA)'s recent warning to consumers and is to help protect you from fraud. For now, we won't be restricting payments from Binance into your account(s). We're taking this step as we want to do everything we can to protect you and help keep your money safe. Well continue to monitor the situation, and let you know if anything changes.
The bank will continue monitoring the situation.
As reported by U.Today, Barclays halted debit/credit card payments to Binance due to the FCA notice regarding Binance Markets Limited earlier this week.
However, the world's largest cryptocurrency exchange by reported trading volumes claimed that the consumer warning regarding its entity wouldn't impact its services in the country.