FXEMPIRE
All
Ad
Advertisement
Advertisement
Hassan Maishera
Add to Bookmarks

Leading cryptocurrency exchange Binance has been facing regulatory challenges in the U.K, and the problems are only getting bigger. Spanish banking giant Santander has blocked its U.K customers from depositing funds into Binance.

Santander Blocks Binance Transactions

Spanish financial giant Santander announced yesterday that it would no longer allow its U.K customers to deposit funds into their Binance account. The bank said it had to block the transactions due to the Financial Conduct Authority (FCA) banning the cryptocurrency exchange.

Advertisement
Know where Bitcoin is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

In a tweet yesterday, Santander said keeping its customers is its top priority. Hence, it is preventing payments to Binance following the FCA’s warning to consumers. The bank said it is also concerned by the increase in the number of cryptocurrency funds in the U.K.

Binance continues to maintain that the ban issued by the FCA doesn’t apply to Binance.com, its global cryptocurrency exchange platform. The FCA banned Binance Markets Limited (BML), Binance’s U.K. entity, pointing out that the company doesn’t have the authorization to operate in the country.

Advertisement

Banks block Binance deposits

Since the FCA issued the ban on BML, some of the leading banks have blocked deposits to cryptocurrency exchanges. Barclays announced earlier this week that it would no longer allow its customers to fund their Binance accounts using its debit and credit cards. Natwest bank has decreased its daily limit to cryptocurrency exchanges, while Lloyds doesn’t allow its customers to fund their crypto exchange accounts using its debit and credit cards.

According to Binance, the ban doesn’t apply to Binance.com. A spokesperson for the exchange said they are disappointed with Santander’s decision since it considers their understanding of the event to be inaccurate. The spokesperson said, “We reiterate the fact that the FCA notice was not about user deposits on Binance.com at all.”

BTC/USD chart. Source: FXEMPIRE

Binance’s regulatory troubles come at a time when the prices of cryptocurrencies are down by over 40% from their all-time highs. Bitcoin is still struggling to break past the $35k barrier, and it is trading at $32,822 at the time of this report.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker