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In an email to customers, Nomo said it is blocking payments to the cryptocurrency exchange following other British banks. This is due, bankers explain, to “recent unfavorable news and regulatory concerns.”
It’s about a recent decision by the U.K.’s financial regulator (FCA). Earlier, Binance Group filed an application with the FCA to revoke the registration of its subsidiary company Binance Markets Limited (BML). The application was approved by officials.
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“Our regulator, the FCA, has been very vocal about the risks associated with cryptocurrency…. Our approach was designed to help keep your money safe,” the bank said.
After notifying the FCA that Binance is not a registered cryptocurrency service provider in the UK, major UK banks blocked Binance payments. They include Barclays, Santander, HSBC, Lloyds Banking Group, NatWest Group Revolut and Monzo.
Earlier this month, Binance announced it would stop offering services in the Netherlands and Cyprus. Authorities in certain EU jurisdictions have recently stepped up action against Binance following allegations by the U.S. Securities and Exchange Commission (SEC).
French police have already raided Binance’s offices in Paris, and Belgian authorities have halted the crypto-exchange’s operations in the country.