Barclays Blocks UK Payments To Binance
The announcement by the British bank follows the Financial Conduct Authority’s (FCA) decision to bar Binance from conducting regulated activities in the country.
On Monday, British bank Barclays said it is blocking its customers from using their debit and credit cards to make payments to crypto exchange Binance. The bank has been contacting customers who have used their cards on Binance in the past year and has advised them that they will be suspending payments until further notice.
The FCA, which is the UK’s highest financial auditing authority, issued a consumer warning on Saturday June 26, stating that Binance Markets Limited cannot undertake any regulated activity in the country.
Following the FCA’s warning over the safety and security of Binance, there has been increased scrutiny from customers, banks, and regulators alike. The move by Barclays is not an isolated decision but instead comes as part of a wave of international action from state authorities, who are becoming increasingly concerned by the rapid rise of crypto and its potential for increased money laundering and organised crime. On June 21, the Chinese Government announced it would be clamping down on cryptocurrency mining, an announcement that saw Ethereum and Dogecoin prices drop.
