Santander follows Barclays in blocking payments to Binance

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Santander has become the second bank in the United Kingdom to warn clients that payments to Binance would no longer be accepted.

Another bank in the United Kingdom is blocking Binance.

Santander, one of the largest banks in the United Kingdom, has warned clients that payments from Santander accounts to Binance would be stopped as soon as possible.

Customers received an email from the bank on Thursday alerting them of the decision.

Santander stated in the email that it would halt payments in order to protect consumers against fraud and keep their money secure. In addition, Binance was not permitted to trade crypto futures in the United Kingdom, according to a new consumer warning from the Financial Conduct Authority.

The same FCA warning was used by U.K. bank Barclays when it informed clients earlier this week that it would begin banning payments to Binance. Santander, like Barclays, has promised clients that they would not be limited in their ability to withdraw cash from Binance to their accounts.

Santander is the latest bank in the United Kingdom to impose limitations on crypto-related activity. NatWest has limited the amount of money account holders may send to crypto exchanges, in addition to Barclays’ restriction on Binance. Due to its exposure to Bitcoin, HSBC also prohibited clients from purchasing MicroStrategy shares on its trading platform. With the number of complaints about crypto frauds rising, U.K. institutions are becoming more unfriendly to crypto assets.

Binance CEO Changpeng Zhao responded to the recent wave of regulatory issues with a blog post addressing the recent crackdowns and detailing future goals. He wrote in the post:

“We hope to clarify and reiterate our commitment to partner with regulators and that we are proactively hiring more talent, putting in place more systems and processes to protect our users.”

In the United Kingdom, Binance is believed to be recruiting an ex-regulator or government employee. Then, as it did when it recruited Brian Brooks, the former head of the U.S. Office of the Comptroller of the Currency, the exchange will be able to please regulators. Brooks is Binance’s current CEO in the U.S.

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