Banking Giant Barclays Blocks Payments to Binance in UK
British banking giant Barclays is now blocking transactions between its customers and global crypto exchange Binance.
Customers of Barclays reportedly received a text message from the bank informing them that they would be halting all payments to Binance until further notice.
“As you’ve made a payment to Binance this year, we wanted to let you know that we’re stopping payments made by credit/debit card to them until further notice. This is to help keep your money safe. For further info, please search FCA Binance online. We’re sorry for any disruption this may cause you. Your Barclays team.”
The bank’s customer support account on Twitter echoes the message, saying that they are stopping payments to Binance to “help keep your money safe.”
Barclays’ decision comes shortly after the UK’s Financial Conduct Authority (FCA) stated in a consumer warning that Binance Markets Limited (BML) is not permitted to operate in the UK unless with prior written permission from the FCA.
In response, Binance says Barclays issued the ban without fully understanding the directives from the FCA.
“It’s disappointing to learn that some partners are taking unilateral action to stop servicing Binance users based on what appears to be an inaccurate understanding of events.”
Binance claims that BML, the subject of the FCA’s consumer warning, is a separate entity fully regulated in the UK.
“The FCA notice relates to BML, which is a company incorporated in the UK and regulated by the FCA. BML is a separate legal entity and does not offer any products or services via Binance.com…
We take our compliance obligations very seriously, and we are committed to working collaboratively with regulators to shape policies that protect consumers, encourage innovation and advance the industry.”
Barclays is the 18th largest bank in the world, with roughly $1.86 trillion in assets.
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