Natwest Group Blocks Fund Transfers to Binance

NatWest Group, formerly known as The Royal Bank of Scotland Group plc, has blocked payments to crypto exchange Binance. 

The latest move of the UK bank comes after Barclays and Santander Bank to block fund transfers to Binance. 

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According to a Natwest spokesperson, the bank has seen a high level of cryptocurrency investment scams targeting customers across retail and business banking, particularly through social media websites.

“To protect our customers from the criminals exploiting these platforms, we’re temporarily reducing the maximum daily amount that a customer can send to cryptocurrency exchanges as well as blocking payments to a small number of cryptocurrency asset firms where we have seen particularly significant levels of fraud-related harm for our customers,” the spokesperson added.

Customers will still be able to accept cryptocurrencies as forms of payment.

As Fazzaco reported earlier, Clear Junction​, a global payments solutions provider, has also announced that it will no longer process transactions related to Binance.