02-03-2023 icon

Binance in trouble in the UK?

By Lucy Adegbe
Binance debit card

U.K. bank Nationwide Building Society has restricted card payments made by users to Binance, the world’s largest cryptocurrency exchange.

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

However, it wasn’t stated on the website when the policy took effect. But a tweet dating from 2021 indicates the decision was made that July. 

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

@stuart523 1/2 Our number one priority is, and always will be, keeping you and your money safe. This is why we have taken the decision to restrict card payments made to the cryptocurrency firm Binance.— Nationwide Building Society (@AskNationwide) July 29, 2021

Nationwide said it took the decision due to “media coverage” and “regulatory uncertainty.” 

A post on its Twitter page shows that the bank is also concerned about “the rising number of scams.”