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Saturday, Jul 24, 2021

Barclays Bank Blocks UK Customers' Fund Transfers to Binance Exchange as Part of Global Crackdown

Barclays Bank Blocks UK Customers' Fund Transfers to Binance Exchange as Part of Global Crackdown

Financial Conduct Authority's recent edict only applies to Binance Markets Limited, or BML, which is a separate legal entity from the main global exchange that operates through Binance.com.

Barclays clients in the UK can no longer transfer funds to Binance after the bank indefinitely banned credit and debit card transactions to the exchange, according to recent reports. The apparent ban comes roughly two weeks after the UK’s Financial Conduct Authority (FCA) stated that Binance Markets Limited, the firm’s UK operations, was not holding proper authorization to carry out crypto operations in the country.

Barclays’ decision to stop facilitating British customers’ payments to Binance has been met with criticism by the cryptocurrency exchange.

Binance Spokesperson commented:

“We are disappointed that Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events.”

“The FCA notice relates to [Binance Markets Limited], which is a company incorporated in the UK and regulated by FCA.”

BML is a separate legal entity that doesn’t offer any products or services through the main Binance website. The FCA notice had no bearing on user deposits on the main Binance website, the spokesperson said, adding that, “We have always taken the security of our users’ money very seriously.”

Binance is open dialogue with Barclays to discuss the matter further:

“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 move our industry forward.”

The Barclays UK Help Twitter page is routinely replying to frustrated consumers with copy-and-paste language stating: “It’s our responsibility to help protect your money. With this in mind we’ve taken the decision to stop payments made by credit/debit card to Binance until further notice, to help keep your money safe.” The account also directs users to the FCA homepage for more information.

Read the full article at Fintechs.fi

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