UK Bank Nationwide Has Restricted Card Payments to Binance
Nationwide said it has taken this decision due to "media coverage" and "regulatory uncertainty."
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.
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.
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.
UPDATE (Feb. 3, 12:15 UTC): Adds date of policy in third paragraph.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.