The united Kingdom’s largest building society, Nationwide who love to constantly bang on about how they are not a bank have followed suit with what most other UK banks are doing right now and have banned their customers from spending their own money on cryptocurrency trading platform Binance.com.
The building society posting this notice on their mobile app this morning.
Our priority is to look after our members and their money.
With the regulatory uncertainty around Binance and the rising number of cryptocurrency scams, to ensure we continue to keep your money safe, we’ll be restricting payments from credit and debit cards to Binance from 29th July 2021
Nationwide have joined Barclays and a host of other UK banks that are now blocking payments to the cryptocurrency exchange.
Although they would still like to point out that they are ‘On Your Side‘ the reality is that they are holding customers money within the UK and not allowing them to spend it.
As someone who banks with Nationwide personally I ‘ll admit I was quite surprised by this notice when I logged into my app this morning.
I have known about other banks taking this stance with Binance and other crypto sites too, but I didn’t expect it from Nationwide Building Society.
I thought they were as much against the UK banking system as a lot of crypto investors but now they just seem like any other UK bank.
Is this what you expect from an organisation you trust with your money?
It may be forgivable and understandable if they limited credit cards as it is borrowed money, but to block debit card transactions from customers spending their own funds is totally unacceptable.
Even a notice in the app or website explaining the risks of cryptocurrency investing and the option to set limits or lock or unlock payments crypto sites would also be understandable but an outright ban on how you spend your money banked with them is scandalous.
In my personal opinion this has nothing to do with protecting people against cryptocurrency scams, but rather fear that they are losing control of the money UK customers are depositing in their bank accounts each week.
The UK banks ( and building society’s) are getting scared. They are seeing millions of pounds going on to crypto exchanges each week and high interest loans and credit cards being replaced with Decentralised Finance [DeFi] applications.
They need to stop the outflow of Your money from their businesses and get some regulations made up quickly to keep us enslaved to their debt based banking systems.
I’ve recently opened a Revolut account. I wasn’t expecting much from it but I opened it as I knew you could buy and sell crypto, stocks and commodities directly through their app.
After a few days of using it I was totally blown away by the features on offer. I can buy / sell crypto and as soon as I sell the money is there in my account. Same with stocks and shares etc.
There is a host of other cool features to, but I’ll save them for a review when I get the time.
As of today I think it will become my main bank account. I’m not prepared to bank with a bank or building society that tells me what I can and cannot do with my own money.
In the meantime if you would to sign up with Revolut you can use This Link (Its an affiliate link and I may receive commission if you sign up after clicking it).