Santander grew to become the most current financial institution to block payments from United kingdom account holders to cryptocurrency exchange Binance, “to protect users”.
Legal complications carry on to drag on
In an electronic mail sent to buyers, Santander announced that “from July 8, 2021, we will stop payments from Santander accounts to Binance whenever possible.”
The electronic mail continues citing the Financial Conduct Authority’s current buyer observe, which states that Binance Markets Limited “is not authorized to conduct any regulated business in the UK”. Speaking to the press, a spokesperson for the regulator explained that “we clearly have a problem” with Binance’s strategy to anti-funds laundering procedures.
According to an FCA spokesperson, “UK users can continue to interact” with Binance Group, the global assortment of Binance businesses, which has no official headquarters. This usually means that United kingdom citizens can carry on trading on the identical Binance exchange.
Santander previously announced that it is reviewing its cryptocurrency exchange policy, reporting that it has observed “a huge increase in the number of customers looking to purchase crypto assets” in current weeks.
Banks in the United kingdom consider action
Several United kingdom banking institutions have taken methods in current weeks to restrict account holders’ means to entry Binance itself or cryptocurrency exchanges in standard. Last month, NatWest limited payments to cryptocurrency exchanges, although 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 cryptocurrency policies.
Amid rising stress from regulators, Binance CEO Changpeng Zhao identified as for “clear regulations” stating that “legal compliance is a journey”. Yesterday, the exchange announced the appointment of Jonathan Farnell, formerly of eToro, as head of regulatory affairs for the platform.
Binance is also struggling to keep its payment channels At the starting of July, the exchange suspended euro deposits from the Euro Payments Area (SEPA).
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