- Santander has joined Barclays in banning deposits to Binance for UK customers
- The bank cited customer safety as the reason behind the ban
- Withdrawals can still be made from the exchange
Santander has joined Barclays in banning payments to Binance for UK customers, citing the desire to keep customers safe following an alleged rise in cryptocurrency fraud. The bank confirmed their stance via a tweet sent to a customer yesterday in a move that stems from the Financial Conduct Authority’s (FCA) recent warnings over the safety of the Binance platform, although the banks haven’t stopped customers from sending payments to other cryptocurrency services or withdrawing funds. The news is the latest blow for UK users of Binance following issues with deposit and withdrawal mechanisms in the last few weeks.
Santander Follows in Barclays’ Footsteps
Barclays was the first bank to blink following the FCA’s warning over the safety of the Binance platform two weeks ago, also citing customer safety as the reason for not allowing customers to send money to Binance. This resulted in a rash of customers saying that it was their choice where to spend their money, with many saying that the ban was the exact reason why they wanted to use cryptocurrency in the first place – complete control of your own money.
Santander yesterday added their name to Barclays in the Binance ban stakes, replying to a tweet from a customer asking if they had banned payments to the platform, just hours after saying that a ban wasn’t in place:
Hello, 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. ^TC
— Santander UK Help (@santanderukhelp) July 8, 2021
One respondent to the Santander tweet called talk of keeping customers safe “really condescending”, adding that “We’re not children and digital assets are not illegal or putting the overwhelming majority of investors in harm.”
Customers Can Still Buy Crypto From Other Outlets
Withdrawals from Binance to Santander have not been affected, and there is nothing to stop users buying cryptocurrency from other sites and sending it to Binance, somewhat undermining Santander’s claims of protecting customers. Binance’s payment networks have come under strain in recent weeks, with UK withdrawals via Faster Payments halted last week and SEPA withdrawals recently being suspended.
