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Banking giant Santander has stopped supporting United kingdom account holders creating payments on crypto exchange Binance, “to protect users”.
Legal troubles proceed to drag on
In an e-mail sent to clients, Santander announced that “from July 8, 2021, we will stop payments from Santander accounts to Binance whenever possible.”
The e-mail goes on to cite the Financial Conduct Authority’s latest shopper warning, which states that Binance Markets Limited is “not authorized to conduct any regulated activity in the United Kingdom.” Speaking to the press, a spokesperson for the regulator explained that “we clearly have a problem” with Binance’s technique to anti-revenue laundering procedures.
According to an FCA spokesperson, “UK users can continue to interact” with Binance Group, the worldwide assortment of Binance businesses, which has no official headquarters. This indicates that United kingdom citizens can even now proceed to trade on the Binance exchange itself.
Santander previously announced that it is reviewing its policy on crypto exchanges, reporting that it has recorded “a huge increase in the number of customers looking to buy crypto assets” in the previous handful of weeks. latest month.
Banks in the United kingdom get action
Several United kingdom banking institutions have taken methods in latest weeks to restrict their account holders’ skill to accessibility Binance itself or cryptocurrency exchanges in common. Last month, NatWest limited payments to cryptocurrency exchanges, when earlier this week, Barclays blocked its account holders from sending money to Binance. And just yesterday, the National Building Association announced that it is reviewing its policies on cryptocurrencies.
Amid increasing strain from regulators, Binance CEO Changpeng Zhao has referred to as for “clear regulations” when asserting that “legal compliance is a journey. ” Yesterday, the exchange announced the appointment of Jonathan Farnell, formerly of eToro, as the particular person accountable for the platform’s regulatory affairs.
Binance is also struggling to retain its payment channels In early July, the exchange suspended Euro deposits from the Euro Payments Area (SEPA).
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