Banking giant Barclays is blocking payments to Binance

UK bank Barclays says it is preventing customers from using debit and credit cards for payments to exchange from Binance.

“Starting today, Barclays will stop making credit and debit card payments to Binance. This action will not affect a customer’s ability to withdraw funds from Binance. ”Barclays informed customers on July 5th.

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

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

This decision comes shortly after the UK’s Financial Conduct Authority (FCA) announced that Binance Markets Limited is not authorized to conduct regulated activities in the country.

Regulators in other markets, including Japan and Canada, have issued similar warnings in the past few weeks, with even Thailand threatening criminal action against Binance.

The Barclays move was criticized by Binance after a spokesman told Cointelegraph that the bank acted on “a misunderstanding of events.”

“We are disappointed that Barclays has apparently taken unilateral action based on a seemingly misunderstanding of the facts,” said the spokesman, referring to a recently issued regulation by the FCA.

“The FCA announcement of Binance Markets Limited (BML), a UK incorporated and FCA regulated company,” the spokesman said, adding that BML is a separate legal entity that does not offer any products or services through Binance .com website.

The spokesman said the FCA’s announcement did not cover user deposits on Binance’s website, adding, “We take the security of our users’ funds very seriously.”

Binance welcomed an open dialogue with Barclays to further discuss the matter:

“We take our compliance obligations very seriously and are committed to working with regulators to develop policies that protect consumers, promote innovation, and advance the crypto industry.”

Thach Sanh

According to AZCoin News

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