• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

Nationwide Restricts Payments to Binance

08/02/2023 16:19
No comments
A Nationwide bank branch

A Nationwide bank branch

Nationwide, one of the biggest bank in the United Kingdom, announced a restriction on card payments to Binance, one of the world’s biggest crypto exchange.

“Payments to the cryptocurrency firm Binance using your Nationwide cards will be declined,” the bank said.

“Even with your direct consent in person or by telephone, we can’t remove the restriction and allow you to make a payment to Binance.”

This astonishing measure, which arguably illegally interferes with property rights and engages in anti-competitive practices, is for your safety the bank says.

“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.”

Binance is one of the safest crypto exchange as far as it is known, with it experiencing no successful hacks of note while it maintains a SAFU reserve fund of $1 billion to cover potential hacks or other difficulties.

This is also one of the few crypto exchanges that has gone through significant scrutiny by this space, and it provides a Proof of Reserves showing its assets.

Naturally there are always risks with such intermediaries, but banks like Nationwide were bailed out by the taxpayer over a decade ago, so they’re not absolutely safe either.

Where reasonable risk is concerned, “safety” is probably not quite the real reason why this decision was taken with it unclear why it singles out Binance.

Unlike their government however, British banks have been a bit slow on the crypto front and used to be notorious for their anti-crypto stance.

Barclays still flags transfers to crypto entities as “suspicious,” a little hurdle that nonetheless falls short of this complete ban by Nationwide, albeit to one exchange.

HSBC on the other hand is looking to develop crypto services, while the UK government has announced plans to regulate crypto with those plans overall looking balanced.

From this Nationwide decision, it appears clear the UK government has to regulate banks as well.

France for example prohibits commercial banks from discriminating against crypto, that’s either through denying bank accounts or blocking payments.

Such measure has not been taken in UK despite their own Financial Conducts Authority, the equivalent of SEC, accusing banks in 2017 of engaging in anti-competitive practices.

Until such measures are taken, Nationwide clients can go to another bank. There are some very friendly ones nowadays. Revolut is a clear example, and although they’re not a full on bank in UK yet, they are in Europe.

There’s Germany’s BitPanda, which is like Revolut but initially started off with only crypto.

They both have a card you can use like a normal card for payments, but the UK government does really need to address this quasi law making by banks.

Update: A Nationwide spokesperson reached out to clarify: “The FCA issued a warning on Binance in June 2021. As a result they were blocked from receiving Faster Payment by their clearing bank and providers, like Nationwide, blocked card payments. Our change was made in July 2021, so it is not a recent change.”

They also disputed Nationwide received any bailout.  The article has been amended therefore to state “banks like Nationwide.”

Related Posts

Arbitrum opening price, March 2023

Arbitrum Gifts $1.7 Billion to the Public

Bitcoin art, March 2023

Stocks Jump 2%, Bitcoin Close to Touching $29,000

Coinbase Dives 15%

Goldman Sachs and JP Morgan Can’t Survive Bank Run Says NBER Paper, Fail Stress Test

Load More
  • Trending
  • Comments
  • Latest
The National Bureau of Economic Research

Goldman Sachs and JP Morgan Can’t Survive Bank Run Says NBER Paper, Fail Stress Test

Paul Grewal, Coinbase's Chief Legal Officer

We Asked SEC to Register, They Sent Us a Wells Notice Says Coinbase

NY District Court

XRP Hypes Ahead of Court Decision

Bitcoin and asset prices dive, March 2023

Bitcoin and Stocks Dip on Fed Hikes, But is it a Fakeout?

Arbitrum opening price, March 2023

Arbitrum Gifts $1.7 Billion to the Public

Bitcoin art, March 2023

Stocks Jump 2%, Bitcoin Close to Touching $29,000

Brian Armstrong getting ready for court. The words are a joke, but the picture is him for real, March 2023

Coinbase Dives 15%

The National Bureau of Economic Research

Goldman Sachs and JP Morgan Can’t Survive Bank Run Says NBER Paper, Fail Stress Test

Comments

Latest News

  • Arbitrum Gifts $1.7 Billion to the Public
  • Stocks Jump 2%, Bitcoin Close to Touching $29,000
  • Coinbase Dives 15%

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

(You have to be a paid subscriber)

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?