UK’s leading banking institution Barclays blocks customers payment and announced they would no longer support wiring funds to cryptocurrency exchange Binance, reported by Financial Times.
London-based bank on Monday notified clients of the prohibition on debit and credit payments to Binance. They will start this regulation immediately “to help to keep your money safe.”
“It’s our responsibility to help protect your money,” tweeted Barclays. “With this in mind, we’ve taken the decision to stop payment made by credit/debit card to Binance until further notice, to help keep your money safe”. This action will not impact the ability of customers to withdraw funds from Binance.
Moves come two weeks after the Financial Conduct Authority (FCA) crackdown on Binance. Last month FCA issued a consumer warning that “Binance Market limited is not permitted to undertake any regulated activity in the U.K.”
Last week, Thailand Securities and Exchange (SEC) announced it had filed a criminal complaint against the exchange for unregistered operations. In June, the exchange announced that it would no longer serve Ontario-based users after the Ontario SEC took legal action. Similar warnings have been emitted against the exchange in the Cayman Islands.
The FCA gave exchanges six weeks from the publication of a letter to remind their customers. How their money is protected, and to make clear, FSCS protection does not apply to them. Several exchanges such as Coinbase, Wirex, and Uphold have issued statements to their clients.
