Denial of Service: British bank NatWest blocks transfers to Binance

British bank NatWest began to block financial transfers to the casino exchange Binance, citing regulatory uncertainty, or rather the position of the UK's Financial Conduct Authority (FCA):

A number of users cited a screenshot of a message from NatWest's customer service. They say that transfers from debit and credit cards to Binance have been refused because of the regulatory uncertainty surrounding the bitcoin exchange and the increased number of cryptocurrency fraud cases:

"Because of the increase in cryptocurrency-related fraud and regulatory uncertainty surrounding Binance in the U.K., we have taken steps to limit payments to this merchant until further notice. We are also aware that Binance does not currently accept certain types of payments. Please contact Binance direct for more information on this."

Natwest has sent out SMS alerts to customers who have made any transactions on Binance in the past 12 months. The bank also rejected requests for credit card payments for cryptocurrency purchases. Natwest Group became the third banking giant in the U.K. to restrict Binance's payment services after an FCA warning. Earlier, Barclays and Santander Bank also initiated similar moves to ban all payments on Binance.

NatWest said in a statement that the restrictions taken will be continually reviewed.

"As of today, we are blocking all payment transactions on Binance. The restrictions will apply to both debit and credit cards of our bank. We will review our decision from time to time," - the bank said in a statement to its customers.

According to reports, NatWest saw a big risk in investing in cryptocurrency, and in order to protect its customers from fraudsters, decided to temporarily suspend cooperation with Binance.

24.07.21

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