Binance
We want to help protect you from fraud. We do this in line with the Financial Conduct Authority's (FCA) warnings in 2021. It means that, where possible, we stop payments going from your account to Binance. We don't restrict payments from Binance coming in to your account(s).
Investment in crypto assets can be high risk
Before you invest, you need to know the basics and understand the risks. Crypto activity is not regulated yet in the UK. This means there is no safety net if things go wrong. If you decide to invest in crypto, then you should be prepared to lose all your money.
Crypto related scams are common. These types of investments are accessible and available to all budgets. Criminals will use attractive adverts and fake celebrity endorsements. They do this to make people believe the investment is real. Remember, if something sounds too good to be true, then it probably is.
Protect yourself
- Are you thinking about making an investment? If so, take time to do your own research. Consider getting independent advice. Do this before sending any of your money.
- Don't let anyone else set up a crypto wallet for you. No one should upload ID documents or manage investments on your behalf.
- Avoid uninvited investment offers. Whether made through social media or over the phone.
- Remember, a celebrity endorsement doesn't mean it's real.
- Don't fall for sales with limited timescales. And be wary of promises of high returns.
- Use FCA ScamSmart to check it out. It's an online tool to help you identify if your investment is a scam. Just answer four multiple choice questions. This will help you get a clear picture on the potential risks.
Limit on cryptocurrency payments
We currently limit the amount that you can send to cryptocurrency exchanges using Mobile and Online Banking. From 9th October we'll be applying this to all the other ways to pay where we can see the payment is going to a cryptocurrency exchange. This includes payments set up over the phone, CHAPS, Open banking and in branch.
Your limit will be:
- £1,000 per transaction
- a total of £3,000 in any rolling 30-day period
Want to learn more?
- the FCA's scam hub to learn more about crypto
- our fraud and scams hub to learn more about how to keep your money safe