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Barclays bars UK clients from depositing funds to Binance

Tue 06 Jul 2021 ▪ 10h15 ▪ 2 min read — by Greg Hansen

One of the largest UK financial conglomerates, Barclays, has barred its clients from sending payments to Binance using credit and debit cards.

Barclays clients take to Twitter to air their grievances

On 5th July, Barclays sent out notifications to clients who had made payments to Binance this year. The bank hasn’t banned withdrawals from the exchange, however.

Earlier in June, the Financial Conduct Authority banned Binance UK from carrying out any regulated activities in the country until further written notice.

Exchange representatives, on the other hand, have issued a statement, saying Binance Markets Limited is a stand-alone company and doesn’t provide services through the websites mentioned in the FCA announcement.

Late June, the largest Bitcoin exchange put out a notice saying it can no longer continue to service Ontario-based users. They were advised to take immediate measures to close out all active positions by 31st December, 2021.

Earlier this month, 1st July, Cayman Islands Monetary Authority (CIMA) initiated an investigation into Binance. Financial Services Agency, a Japanese financial authority, has also issued a warning to Binance.

On 2nd July, Thai SEC filed a criminal complaint against Binance for operating without a licence.

Regulatory walls seem to be closing in on Binance, with multiple financial regulators from a number of countries issuing warnings or even banning the exchange from operating within their territories, all within the span of a few weeks. More private banks, Barclays this time, are making life difficult for the exchange and its users.

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Greg Hansen avatar
Greg Hansen

Belgium native who has a passion for writing. Since 2015 I have understood that the blockchain will radically change our lives, and I absolutely want to share my findings with you!

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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