The bank has notified customers that payments will not be processed “until further notice”, however, customers will still be able to withdraw funds from Binance to Nationwide Building Society accounts.
“We have made the decision to limit card payments to cryptocurrency company Binance following similar actions by other providers, regulatory uncertainty, and an increase in cryptocurrency-related fraud,” Nationwide said in a notice.
Nationwide warned customers about a fundamental revision of its policy regarding cryptocurrency transactions two years ago.. Bank representatives said they monitor user activity in the cryptocurrency market and set additional security measures for activities that could potentially make customers vulnerable to fraud.
The bank's policy review follows the announcement by the UK Financial Conduct Authority in July 2021 that Binance is not authorized to carry out any regulated activity in the United Kingdom.