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British Multinational Bank Barclays is banning payments to world's biggest crypto exchange

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Shivangi Mujumdar Follow

INDIA

Jul, 06 2021

Jul, 06 2021

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Bank Barclays which is known British Multinational bank shall soon be banning payments to crypto exchange Binance. This means, in. U.K, the customers of Barclays shall no longer be transferring funds to Binance. On July 6, The British multinational bank declared its customers about the prohibition consider that this is done merely to offer protection to the money. 


About the ban: 

The multinational bank has now come up with ban of dealing with Binance be it using a credit or debit card to do the payments till the next notice comes up. 


There was a tweet that the London-based bank’s support page stated “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." 


This announcement was made after two weeks once the Financial Conduct Authority (FCA) stated that Binance market limited has not authorization of carrying the crypto operations in the U.K.  


There have been some reports made by the customers stating the bank has been blocking payments and this has been going on for more than week now.  


There was also a tweet that was found on crypto investment dashboard Wealth Kode's cofounders Lee stating "As you've made a payment to Binance this year, we wanted to let you know that we're stopping payments made by credit/debit card to them until further notice. 


About Binance not authorised of regulation: 

Along with FCA warning, there were some general guidelines that were released by the British regulatory which clearly stated that there will not be any kind of entitle in the Binance group. Besides, the crypto exchange is also facing regulatory issues in Thailand, the Caymans, the United States and Japan too. 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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