Santander announced the blocking of transactions for Binance

by in Cryptocurrency News

Santander

The British division of Santander Bank has stopped sending funds to the Binance cryptocurrency exchange.

The blocking of transactions is intended to protect investors as part of the UK Financial Conduct Authority (FCA) policy, in a statement from the Spanish financial giant.

The regulator previously banned the exchange from serving local traders. Earlier this week, it became known that another major bank, Barclays, also prohibited its clients from transferring funds to Binance.

Now Santander has announced the same decision. The press service emphasized that there has been a significant increase in crypto scams in recent months. Many British clients of the bank have already become victims of criminals.

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Note that the Kingdom's Financial Conduct Authority has data that currently about 2.3 million British citizens own cryptocurrencies (more than 4% of the country's adult population).

A Binance spokesperson reacted to the Santander statement. He said:

We are disappointed that Santander made this decision unilaterally. It is based on an imprecise understanding of the environment in the cryptosphere.