Barclays Blocks All Customer Payments to Binance

On Monday, Barclays announced that they are blocking customers’ debit and credit cards to make payments in Binance. The UK bank shared that it takes effect on July 5, 2021.

Consequently, the bank’s decision came after the U.K Financial Conduct Authority (FCA) announcement regarding Binance. On Friday, the FCA shared that Binance Markets Limited (BML) is not permitted to undertake any regulated activity in the UK.

However, the rule does not apply to foreign-based platforms. Binance clarified that BML is a separate legal entity and does not offer any products or services in Binance.com. Thus, the website is not affected by the FCA’s Monday ruling.

In addition, Barclays seem to have contacted customers who have used their cards on Binance this year. Thus, they sent a message to let them know that they are stopping payments to Binance until further notice.

Previously, Japan’s Financial Services Agency have similar warnings to their country. They warn the public that Binance is operating in the country without permission. In relation to this, Binance has also ceased operations in Ontario, Canada in face of the country’s new regulations.

Clearly, regulators have repeatedly expressed their concern about fraud and money-laundering activities on unregulated crypto trading platforms. Nonetheless, the public is still showing interest in the crypto economy.