Clients of the British bank Barclays can no longer transfer funds to the Binance crypto exchange. The bank itself claims that it is committed to protecting the funds of its customers.
Barclays Bank has announced that its UK customers will no longer be able to deposit with credit or debit cards into their Binance accounts until further notice. The bank claims that it protects its clients ‘ funds and follows the guidelines of the Financial Conduct Authority (FCA).
„We are responsible for protecting your money.”, so the London-based bank. „For this reason, we have decided to suspend payments by credit/debit card to Binance until further notice to ensure the safety of your money.“
Barely two weeks before Barclays ‘ announcement, the FCA stated that Binance Markets Limited was not authorised to conduct cryptocurrency transactions in the UK: “No other company in the Binance Group has an authorisation, registration or licence to carry out a regulated activity in the United Kingdom. Binance Group appears to offer customers in the UK a range of products and services through the website Binance.com on.“
A spokesman for Binance has spoken out against Barclays ‘ decision. According to the spokesman, the FCA’s sanction applied only to Binance Markets Limited (BML), a separate legal entity from the company’s central global stock exchange, which had Binance.com surgery.
„We are disappointed that Barclays appears to have taken unilateral action based on an incorrect understanding of events“according to the speaker. Binance is open to a dialogue with Barclays to discuss the current situation.
The crypto exchange stressed that it takes its compliance obligations very seriously and remains committed to working with regulators to design and shape policies that protect consumers, drive innovation and advance the crypto industry.
Binance has faced regulatory challenges in various jurisdictions in recent weeks. In addition to the challenges in the UK, Binance was forced to cease operations in Ontario. The Thailand Securities and Exchange Commission (SEC) also filed a criminal complaint against Binance for unregistered transactions.
Also, according to the Cayman Islands Monetary Authority (CIMA), Binance is not licensed to perform services related to cryptocurrencies.