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UK Bank Nationwide Has Restricted Card Payments to Binance
Nationwide said it has taken this decision due to "media coverage" and "regulatory uncertainty."
Updated May 9, 2023, 4:07 a.m. Published Feb 3, 2023, 12:04 p.m.
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U.K. bank Nationwide Building Society has restricted card payments made by users to cryptocurrency exchange Binance.
Card payments to Binance are being declined by the U.K. bank "until further notice," according to a page on its website, adding that customers can still withdraw funds on Binance through their Nationwide account.
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While the website didn't say when the policy was instigated, a tweet dating from 2021 indicates the decision was made that July. Earlier in the same month, shortly after the U.K.'s Financial Conduct Authority (FCA) warned that Binance was not allowed to conduct any regulated activity in the country, the lender said it was assessing its policies on crypto transactions.
@stuart523 1/2 Our number one priority is, and always will be, keeping you and your money safe. This is why we have taken the decision to restrict card payments made to the cryptocurrency firm Binance.
— Nationwide Building Society (@AskNationwide) July 29, 2021
Nationwide said it took the decision due to "media coverage" and "regulatory uncertainty." The bank is also concerned about "the rising number of scams," according to a post on its Twitter page.
Neither Nationwide nor Binance responded to CoinDesk's request for further comment.
Read more: UK Bank Nationwide to Review Its Cryptocurrency Policies: Report
UPDATE (Feb. 3, 12:15 UTC): Adds date of policy in third paragraph.
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