![]() The exchange had been ordered by the FCA in recent weeks to stop crypto regulated activity in the country no later than June 30 while generic crypto-assets are unregulated, surrounding trading products such as futures and options are regulated in the UK. ![]() The move was prompted by the FCA announcing that Binance isn’t authorised to carry out business with the crypto field in the UK. 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.” The account also directs users to the FCA homepage for more information. J11:49 am Customers at Barclays have been barred from making deposits to Binance this week. The Barclays UK Help Twitter page is routinely replying to frustrated consumers with copy-and-paste language stating: “It’s our responsibility to help protect your money. We would not recommend Barclays bank for crypto investors. The apparent ban comes roughly two weeks after the UK’s Financial Conduct Authority (FCA) stated that Binance Markets Limited, the firm’s UK operations, was not holding proper authorization to carry out crypto operations in the country. In the past, crypto exchanges (such as Binance) have suspended GBP Deposits or Withdrawals. Other UK banks are thought to be monitoring the Binance situation.Barclays clients in the UK can no longer transfer funds to Binance after the bank indefinitely banned credit and debit card transactions to the exchange, according to recent reports. The FCA’s move came at a time when financial watchdogs worldwide have become increasingly concerned about the cryptocurrency sector and its potential role in illicit activities such as money laundering and fraud. For more information, the bank advised customers to “search FCA Binance online”.īarclays’ decision follows a recent move by the FCA to ban Binance Markets Limited (BML) from carrying out any “regulated activity” in the UK without the regulator’s prior consent.īML is the UK subsidiary of Binance, which runs one of the world’s largest cryptocurrency exchanges. In a text to customers, since shared on social media, the bank added that the decision had been taken “to help keep your money safe”.īarclays apologised for any disruption the announcement would cause and said its action will not stop customers from withdrawing funds from Binance. On Monday (5 July), Barclays told customers who had previously made payments to Binance that it had blocked payments made by credit/debit card to the company until further notice. Barclays Stops Customers Making Binance Transfersīarclays Bank has stopped its UK customers from transferring money to Binance following the recent announcement by the Financial Conduct Authority (FCA) that the digital asset exchange was not authorised to carry out crypto business within UK borders. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. These “affiliate links” may generate income for our site when you click on them. Second, we also include links to advertisers’ offers in some of our articles. This site does not include all companies or products available within the market. The payments we receive for those placements affects how and where advertisers’ offers appear on the site. However, Barclays Bank imposes a strict prohibition on depositing funds into off-shore exchanges, such as Binance, to maintain the safety and security of. ![]() This comes from two main sources.įirst, we provide paid placements to advertisers to present their offers. ![]() To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. ![]()
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