The Santander Bank of the United Kingdom has become the latest high-street bank in the country to block the transfer of funds to the cryptocurrency exchange Binance. Recently, it has been reported that Barclays Bank and Natwest Bank have taken similar measures.

  • Some customers of Santander Bank reported on social media that they received an email from the bank with the content starting on July 8, “We will stop making payments to Binance to protect you.” The bank explained:

This follows the recent warnings issued by the Financial Conduct Authority (FCA) to consumers to help protect you from fraud. Currently, we want to restrict payments from finance to your account.

  • The email continued: “We are taking this step because we want to do everything we can to protect you and ensure the safety of your funds. We will continue to monitor the situation and we will notify you if there are any changes.”

  • A customer representative of Santander further explained on social media: “In recent months, we have seen a significant increase in the number of UK customers becoming victims of cryptocurrency fraud. Ensuring customer safety is a top priority, so After the FCA issued a warning to consumers, we decided to block payments to Binance.”
  • Recently, two other major high-street banks in the UK have taken similar steps to block funding to Binance: Barclays Bank and Natwest.
  • FCA is not the only regulator to issue warnings to Binance. Authorities in Thailand, the Cayman Islands, and Japan have issued similar warnings to cryptocurrency exchanges.
  • Binance recently suspended Euro deposits via SEPA bank transfers. At the time of writing, this option is still disabled on the exchange website.
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What do you think of Santander’s blocking of transfers to Binance in order to protect customers? Let us know in the comments section below.

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