Binance responds to Barclays' blocking payments in the UK

Wed 07 Jul 2021 ▪ 13h20 ▪ 3 min de lecture - par Matthieu Palois

A Binance spokesperson criticised Barclays’ decision to stop UK customers from sending funds to Binance

A Binance ban in the UK is coming?

According to the Financial Conduct Authority’s (FCA) recent edict, the decision to halt UK customers’ payments extended only to Binance Markets Limited, which represents a separate legal entity from the main global exchange operating through Binance.com.

However, Barclays applied the edict not only to Binance Markets Limited, as the edict stated, but to the whole exchange as well.

Commenting on the announcement, a Binance spokesperson told Cointelegraph that the cryptocurrency exchange platform is disappointed that “Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events”.

He also added that, “The FCA notice relates to [Binance Markets Limited], which is a company incorporated in the U.K. and regulated by FCA,” highlighting that Binance Market Limited is a separate legal entity that doesn’t offer any products or services via the main Binance website.

In other words, FCA edict doesn’t apply to customers’ deposits on Binance.com.

The platform hopes it will continue cooperating with Barclays and find a fair compromise for its customers.

“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 spokesperson concluded.

However, the UK is not the only country to take severe measures in terms of limiting operations with the Binance platform. Financial regulators in Japan and Canada have also established strict regulations against cryptocurrency exchanges.

Cryptocurrencies and, especially, cryptocurrency exchange products still remain a matter of concern for governments and financial institutions. The speculative nature of digital assets calls into question their reliability in the eyes of authorities. At this point, crypto products, will most likely have to accept some regulations to avoid bans and keep operating as usual.

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Matthieu Palois

Mon intérêt pour les nouvelles technologies m’a téléporté dans l’univers blockchain. Dimension à la fois complexe et tellement vaste que mon cerveau a d’abord réagi en mode "Error 404" frôlant la faille spatio-temporelle avant que j’en comprenne peu à peu les codes. Le chemin est encore long avant d’obtenir le salut du dieu Crypto, mais en attendant j’en profite pour partager ma passion avec vous.

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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