Santander has notified its customers in the UK it will be blocking payments to Binance "wherever possible" starting from Thursday, July 8, Financial Times reports, citing the bank's notification to clients. The bank said it has decided to bar payments to the cryptocurrency exchange following the "FCA's warning."
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"Keeping our customers safe is a top priority, so we have decided to prevent payments to Binance following the FCA’s warning to consumers. In recent months we have seen a large increase in UK customers becoming the victims of cryptocurrency fraud," Santander wrote.
The decision comes after Barclays, one of the largest British banks by assets, stopped wire transfers to Binance to help to keep user's money "safe." As iHodl earlier reported, the UK Financial Conduct Authority (FCA) banned Binance's UK subsidiary from any regulated activity without prior written approval from the regulator.
The watchdog added that Binance Markets Limited and Binance Group are not licensed to conduct regulated activities in the UK, however, they offer a number of services to UK residents.
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