How long will Binance’s headaches end? 

Recently, NatWest Group — one of the largest banks in the United Kingdom — announced it will block its customers from moving payments to crypto exchange giant Binance. 

NatWest said that the decision was made because of uncertainties surrounding Binance which might have negative effects on their customers. 

The banking group added that with increasing reports of anomalous cryptocurrency transactions in Binance, it is their duty to keep their customers’ funds safe and be protected from scams.

Stress on all sides

Binance has been facing a lot of pressure from governments and private companies because of its allegedly illegal crypto operations. 

Aside from NatWest, fellow British banking giants Santander and Barclays have also joined in preventing their customers from interacting with the crypto exchange.

In addition, Binance’s London subsidiary, Binance Markets Limited, has received a warning from the Financial Conduct Audit (FCA). According to the auditing agency, Binance has failed to conduct a regulated activity in the United Kingdom. 

Unsure about crypto

NatWest clarified that even with its ban, it is not restricting crypto payments in general but only the ones that could pose the highest risks to customers. 

Indeed, even with the growing popularity of cryptocurrencies in the UK, banks, especially the big ones, are not yet ready to make a big jump. 

NatWest said that while it is not “anti-crypto,” it remains cautious about the risks that come with digital assets. The bank added it can only forward from the sidelines if strong regulations are in place that could make cryptocurrencies safe, not only for banks but for customers as well. 

Image courtesy of Cointelegraph News/YouTube

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Source: https://bitcoinerx.com/blockchain/british-bank-natwest-thumbs-downs-binance-payment/