Some of NatWest’s U.K. banking colleagues have blocked debit and credit card transactions to cryptocurrency exchange Binance. Moreover, Starling Bank CEO Anne Boden has described some exchanges as hazardous.
Operating without license
Following a notice from the FCA in June that the exchange was operating in the nation without a license. Therefore, NatWest joined Santander and Barclays as central banks prohibiting U.K. clients from acquiring cryptocurrency on Binance.
In response to worries about investment scams and fraud, the bank previously set a daily restriction on how much customers may spend on crypto exchanges.
Natwest Restricting Transactions
NatWest is restricting outright transactions to a small number of crypto firms representing exceptionally high levels of risk. As part of the policy, this also includes Binance.
Several consumers reported receiving SMS from NatWest alerting them that all credit and debit card payments to Binance were being denied till further notice on social media.
Exchanges “are quite dangerous”
According to CNBC, Anne Boden, CEO of digital banking heavyweight Starling Bank, labelled some exchanges as “quite dangerous”. During a call with reporters on Thursday, this was dealing another blow to crypto in the United Kingdom.
“The industry as a whole must really be alert to the dangers of people using bitcoin and cryptocurrencies to process fraudulent payments,” she said.