Santander says it is standing with the FCA by preventing its customers from making deposits to Binance through its platform.
Santandar, a multinational financial services company, has said that its branch in the U.K will do just like Barclays in preventing payments to the world’s biggest crypto exchange because of the concerns raised by the FCA.
This notice was given trough the bank’s Twitter account. It claimed it was doing so to prevent their customers from being victims of fraud. However, Santander says the withdrawal features will still remain in place.
In reaction to the update, many Santander users expressed their grievances on Twitter. One of them said Santander was not in the position to tell him how and where to spend his money.
Another person situated in London said the decision was a bad one to take because it is making them to lose money. He went further to say their reason to prevent fraud was baseless because there are other activities such as betting and email spamming that predispose the residents to fraud.
In June, the FCA told the public that it was withdrawing the rights granted to Binance Markets Limited so that all their consumers can desist from doing business with them. Although the FCA does not have the responsibility of watching over Bitcoin, Ethereum and other cryptocurrencies, it takes charge when their derivatives are mentioned. In continuation, the FCA warned that investors should be cautious about high yield investment programs.
Binance, on hearing the FCA’s comments stated that it did not prevent the exchange which is Binance.com from serving customers in the U.K. because it does not coexist with Binance Markets Limited. Notwithstanding, many banks are already complying with the FCA.
Few days ago, Barclays announced to its customers that deposits to Binance have been suspended following what the FCA said about the exchange. Just like Santander, Starling Bank of the U.K has mentioned that it will no longer support the purchase of crypto but that anyone using the bank can withdraw crypto to their accounts. One bank that has decided to remain different is Monzo, which has beckoned on all who want to invest in crypto to join them.
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