British companies NatWest and Paysafe have implemented restrictions on transactions related to digital assets, according to the Financial Times.
NatWest has set a daily limit of 1,000 pounds and a monthly limit of 5,000 pounds for payments to cryptocurrency exchanges, and has also prohibited customers from buying digital assets with credit cards.
Binance, in response, has suspended GBP deposits and withdrawals for new users, citing the measures taken by Paysafe, which will affect less than 1% of customers.
The payment company believes that the UK digital assets regulatory environment is too complex and has acted with “great caution.”
An ex-employee of financial organization HSBC commented that this is most likely the beginning of a coordinated crackdown on cryptocurrencies by the UK banking sector, similar to what has been seen in the US.