Santander UK Suspends Retail Payments to Binance

Santander UK, a British bank owned by the Spanish Santander Group, has decided to block all retail Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to Binance, a major cryptocurrency exchange, joining Barclays in the campaign to prevent customers from sending money to the firm. The manoeuvre comes in the wake of the UK Financial Conduct Authority's (FCA) ban on the crypto company to operate within the British territory.

In an email sent to customers on Thursday, Santander UK said: “Keeping our customers safe is a top priority, so we have decided to prevent payments to Binance following the FCA’s warning to consumers. In recent months we have seen a large increase in UK customers becoming the victims of cryptocurrency fraud.” Still, the bank will allow customers to withdraw money from the exchange without issues so far. According to the Financial Times, Binance expressed its disappointment on Santander UK’s decision, as it argued that the firm takes compliance measures with its users 'very seriously'.

Early this week, Barclays sent an SMS notification to its customers about the decision to temporarily suspend all the card transactions going to Binance from the United Kingdom. “As you’ve made a payment to Binance this year, we wanted to let you know that we’re stopping payments made by credit/debit card to them until further notice. This is to help keep your money safe,” the warning noted. Moreover, a spokesperson from the British bank clarified: “This action does not impact on the ability for customers to withdraw funds from Binance.”

NatWest Also Blocking Payments Sent to Binance

Also, NatWest was another company that announced last week that it decided to block payments to a “small number” of crypto exchanges. However, it did not name specifically Binance nor disclosed the complete list of the firms affected by the measure. But, Binance’s customers told Financial Times that they could not send payments to the exchange as of press time.

Recently, the Polish Financial Supervision Authority (UKNF) issued a warning about Binance, noting that as Binance Markets Limited is a Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term exchange, such a market “is neither regulated nor subject to supervision” in the country.