In a major development against the world’s biggest cryptocurrency exchange Binance, UK’s leading bank NatWest has announced to stop payments from its debit or credit cards for the purchase and trade of cryptocurrencies on the exchange.
According to the latest reports, NatWest has blocked credit and debit card payments on Binance, eventually after limiting payments. Speaking to CoinTelegraph, Bank’s spokesperson said “All credit and debit card transactions to Binance have been blocked. We have been limiting payments to Binance for a number of weeks.”
It is reported that the Bank has been witnessing high levels of cryptocurrency investment scams in recent months.
“We’re temporarily reducing the maximum daily amount that a customer can send to cryptocurrency exchanges as well as blocking payments to a small number of cryptocurrency asset firms where we have seen particularly significant levels of fraud. Our customers will still be able to accept cryptocurrencies as forms of payment,” the spokesperson said.
For crypto enthusiasts and Binance users in the UK, NatWest’s move has come as a shock. Many took to Twitter to protest and detest the decision as arbitrary. Many said that it is infringing on their financial rights and that they should have the liberty to spend their money where they want.