UK Bank Nationwide Restricts Card Payments to Binance

U.K. bank, Nationwide Building Society (NBS), is restricting card payments made by users to cryptocurrency exchange Binance.

Card payments to Binance are being declined by the U.K. bank «until further notice,» according to a page on its website, adding that customers can still withdraw funds on Binance through their Nationwide account.

Nationwide said it has taken this decision due to «media coverage» and «regulatory uncertainty.» The bank is also concerned about «the rising number of scams», according to a post on its Twitter page.

The bank said in July 2021 that it was assessing its policies on crypto transactions, shortly after the U.K.’s Financial Conduct Authority (FCA) warned that Binance was not allowed to conduct any regulated activity in the country.

It is unclear when Nationwide implemented the policy of blocking payments to Binance and whether it affects any other exchanges.

Neither Nationwide nor Binance responded to CoinDesk’s request for further comment.

Read more: UK Bank Nationwide to Review Its Cryptocurrency Policies: Report

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