Binance’s latest fallout with regulators across the globe has left other crypto exchanges in fear. The constant pressure from financial watchdogs has proved to cause immense damage to the platform. So much so that Binance was losing out on significant partners.
Changpeng Zhao’s crypto platform emerged as one of the most prominent ones in the market. The exchange garnered the attention of crypto lovers from all around the world, which further led the platform to venture into different regions. However, certain regulators weren’t pleased with this. Particularly regulators from Japan, UK, Ontario, and the Cayman Islands expressed immense distress over this. They went on to accuse the crypto platform of operating without a proper license.
Just a couple of weeks ago, a prominent bank in the UK, Barclays withdrew support for transactions involving the exchange. More recently, another major commercial and retail bank, NatWest, revealed that it had dropped support for the crypto platform.
Binance transactions are no longer supported by NatWest
An array of people condemned NatWest’s decision. Revealing the reason behind its latest move, NatWest stated, the “increase in scams relating to cryptocurrency and regulatory uncertainty around Binance in the UK.” A Twitter used tweeted about the same,
Numerous people took to Twitter to condemn the bank’s decision and expressed angst over how banks determined how the public spent their money.
Another Twitter user with the username, Mean & Lean Fitness tweeted,
“Complaint raised to @NatWest_Help re – their recent msg restricting deposits to crypto exchanges like @binance. I will be removing my long-term custom, and I encourage others to do the same. I have not authorized them to make financial decisions on my behalf.”
While this is an ongoing debate, Changpeng Zhao revealed that he was taking his US branch public. Speaking at the blockchain virtual summit REDeFiNE Tomorrow 2021 noted that “Binance US was looking at the IPO route.”
