Barclays tells cardholders that they will stop making payments to Binance

Customers reported that Barclays, a UK multinational bank, blocked payments to the Binance crypto exchange last week. The financial services giant has confirmed to cardholders that Barclays debit / credit card payments to the crypto exchange are not allowed until further notice.

One of the co-founders of the crypto investment panel Wealth Kode, who followed Lee on Twitter, posted a text message from Barclays on Monday:

“Since you paid Binance this year, we want you to know that we are not stopping any credit / debit card payments to you until further notice. This is to help keep your money safe. For more information, please search FCA Binance online. We apologize for any disruptions this may cause you. “

Along with provocative language that cannot be printed here, Mr. Lee added, “I think you are going to lose a customer here. You can’t tell me where to spend my money. “He’s not the only angry Barclays and Binance customer to go to Twitter this week to express disappointment.

For more information on Binance and crypto asset investing in general, please visit (FCA website). We apologize for any disruptions this may cause you. 2/3

– Barclays UK Help (@BarclaysUKHelp) July 5, 2021

Barclays was in damage control mode on Twitter as dissatisfied customers gave negative feedback on the new policy. The bank’s social media account manager refers Binance users to the UK website’s Financial Conduct Authority for “more information on Binance and investing in crypto assets in general”.

On June 26, the FCA warned consumers that Binance Markets Limited is no longer allowed to provide regulated financial services in the UK. The UK regulator also offers some general guidelines for investing in cryptocurrencies:

“Be careful of internet and social media advertisements that promise high returns if you invest in cryptocurrencies or crypto-related products … While we don’t regulate types of cryptocurrencies like Bitcoin or Ether, we do regulate some crypto derivatives (like futures, Contracts for difference and options) as well as the cryptocurrencies, which I call “shares” – find out more. “

However, Binance made it clear to users in a statement on July 1 that BML is a separate business and legal entity and the FCA’s order does not prevent Binance.com from doing business with UK residents.

The FCA’s warning also shocked other UK banks. British banks Monzo and Starling have also started blocking payments to Binance and other crypto exchanges.

The FCA and Barclays embargoes on the operations of Binance UK are the latest in a series of regulatory measures that founder Changpeng Zhou has taken against the liquidity markets.

Cryptocurrency exchanges have also faced new regulatory hurdles recently in Thailand, the Caymans, Canada, Japan, and the United States. Binance Coin (BNB) is trading just under $ 300 at press time, down about 24% over the past 30 days.