After Barclays, Santander Bank Blocks Payments to Binance in UK Citing Customer Protection – Bitcoin News


After Barclays, Santander Bank Blocks Payments to Binance in UK Citing Customer Protection

Santander Bank in the U.K. has become the latest high street bank in the country to block fund transfers to cryptocurrency exchange Binance. Recently, Barclays and Natwest banks reportedly made a similar move.

  • A number of Santander Bank customers reported on social media that they have received an email from the bank stating, “We’re stopping payments to Binance for your protection,” beginning on July 8. The bank explained:

This follows the Financial Conduct Authority (FCA)’s recent warning to consumers and is to help protect you from fraud. For now, we want to be restricting payments from finance to your account(s).

  • The email continues: “We are taking this step as we want to do everything we can to protect you and help keep your money safe. We’ll continue to monitor the situation, and let you know if anything changes.”
  • A Santander customer representative further explained on social media: “In recent months we have seen a large increase in UK customers becoming the victims of cryptocurrency fraud. Keeping our customers safe is a top priority, so we have decided to prevent payments to Binance following the FCA’s warning to consumers.”
  • Recently, two other major high street banks in the U.K. made a similar move to block funds to Binance: Barclays and Natwest.
  • The FCA was not the only regulator that issued a warning on Binance. The authorities in Thailand, Cayman Islands, and Japan also issued a similar warning about the crypto exchange.
  • Binance recently suspended euro deposits via SEPA bank transfers. At the time of writing, this option is still disabled on the exchange’s website.
Tags in this story
Banco Santander, block binance, fund transfers, fund transfers to binance, Santander Bank, santander uk

What do you think about Santander Bank blocking fund transfers to Binance for customer protection? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer
Show comments