Barclays Bank ceases trading with Binance

Crypto-enabled customers of the London-based multinational bank Barclays were stopped and looked for alternatives after the bank was fined for money laundering. Barclays Bank suspends trading with Binance to “protect” client funds.

Barclays Bank ceases trading with Binance

As reported yesterday, Barclays users complained that the bank is no longer making credit / debit card payments to Binance, prompting the bank to tweet that it has “a responsibility to protect our funds.” more pointers to keep your funds safe. “

Binance itself responded, complaining that “some partners are taking unilateral action to cease serving Binance users due to a seemingly misunderstanding of events” and recalling .com but is referring to Binance Markets Limited (BML), a company with Based in the United Kingdom. , which is regulated by the FCA and is a separate legal entity that does not offer any products or services through Binance.com

Barclays Bank stops trading Binance – many are outraged

As reported, the FCA ordered Binance’s UK operations to stop offering fiat financial operations on UK soil late last month, despite the exchange saying that this does not affect UK customers Binance.com as the company is based in the Cayman Islands operated on. However, shortly thereafter, Binance’s UK-based customers announced they had been prevented from withdrawing GBP over the Faster Payments network, including reporting disruptions to related bank card transactions. Exchange says the problem is fixed.

In both cases, Barclays ‘move angered many at Cryptoverse, who suggested they were using Bitcoin (BTC) precisely because the bank treats its customers’ money like its own money and has control over how it is used. Commentators said customers have the right to spend their money despite the regulator’s warning citing the bank as an explanation, commentators said, with some claiming they are leaving the bank.

Some claim that the bank is granting itself the right to do so because many non-crypto customers “want their banks to save them from fraud”.

It’s also worth noting that Barclays has been fined multiple times for various reasons, as well as allegedly involved in money laundering and sanctioned. The BBC reported last September, citing leaked documents, that billionaire Arkady Rotenberg, one of Russian President Vladimir Putin’s closest friends and the person sanctioned by the US and the EU in 2014, may have used Barclays in London to Laundering money and avoiding penalties.

In 2015 the FCA fined the bank £ 72 million ($ 99.9 million) for “failing to mitigate the risk that it could be used to facilitate financial crime”.

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