It looks like banks in the United Kingdom like Barclays were complying with the country’s financial regulators by prohibiting any kind of payments to Binance.
Lately, Binance has been subject to a lot of scrutinies from across the globe. As regulators continue to bring the world’s largest crypto exchange down, banks have started to join hands with these regulators. While some banks have just begun embracing the crypto-verse, the latest move by a prominent bank could disrupt these efforts.
London-based bank, Barclays was decisive about supporting the Financial Conduct Authority [FCA]. A couple of weeks ago, the FCA noted that Binance wasn’t permitted to carry out functions in the region. While Binance was dealing with it, Barclays dropped this on the exchange.
Barclays U.K. leaves Binance hanging while it sides with the FCA
The crypto-verse has welcomed an array of people this year. A Twitter user revealed that Barclays had prohibited the user from engaging in any sort of transaction with Binance in the future. The tweet read,
Barclays UK support page went on to respond to the same with an array of tweets detailing the reason behind its doing. The bank wrote,
“Hi there, 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. For further information on Binance and investing in crypto assets generally, please visit (the FCA website). We’re sorry for any disruption this may cause you. “
Towards the end of June, FCA issued a warning against the Binance Group. The statement clearly mentioned that any entity of the Binance Group would not be able to function in the UK without the “prior written consent” of the FCA.
This was soon followed by statements from, Japan, Canada as well as the Cayman Islands.