Exchanges

Santander becomes the latest U.K. bank to block payments to Binance

  • Santander halts deposits to Binance exchange
  • The bank is concerned about the high rate of crypto fraud in the U.K.
  • Binance maintains that only BML was banned and not Binance.com

Binance’s challenges in the U.K. seem to keep compounding, with another major bank blocking deposits to the platform.

Santander blocks deposits to Binance

Spanish banking giant Santander has announced that it would no longer allow its U.K. customers to fund their Binance accounts. It becomes the latest major bank in the U.K. to make such a move after Barclays earlier this week.

The bank said, “Keeping our customers safe is a top priority, so we have decided to prevent payments to Binance following the FCA’s [Financial Conduct Authority’s] warning to consumers.” Santander said it is concerned that U.K. customers are becoming victims of cryptocurrency frauds.

Big banks don’t support Binance in the UK

Binance is finding it hard to do business in the U.K. after the Financial Conduct Authority (FCA) banned Binance Markets Limited (BML) — Binance’s U.K. entity. So far, Santander and Barclays have blocked deposits to Binance, while Lloyds Bank doesn’t allow cryptocurrency payments with its debit and credit cards. Natwest has also lowered the daily limit on how much its customers can send to crypto exchanges.

Binance has maintained that the ban affects Binance Markets Limited and not Binance.com. Hence, it doesn’t understand why banks are blocking user payments to Binance.com, which the regulator didn’t sanction.

A Binance spokesperson said, “We are disappointed that Santander appears to have taken unilateral action based on what appears to be an inaccurate understanding of events. We reiterate the fact that the FCA notice was not about user deposits on Binance.com at all.”

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