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Barclays UK bans transactions to crypto platform Binance due to FCA rules

By Joy Dumasia

July 06, 2021

  • Barclays
  • UK
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The U.K.’s financial services regulator on June 26 ordered Binance to halt any regulated operations – effectively, a ban on Binance Markets, its only UK-regulated entity offering crypto derivatives.

Barclays, one of the British banks by assets, suspended debit and credit card payments to crypto-trading platform Binance on Monday, citing a notice from the country’s financial services regulator.

Barclays isn’t the only U.K. bank to take a stand against crypto; Natwest recently issued a similar block in hopes of protecting customers from scams and frauds. HSBC has banned clients from buying MSTR stock on its trading platform due to MicroStrategy’s exposure to Bitcoin.

Although Barclays has stopped card transfers to Binance, it has assured customers that this action does not impact their ability to withdraw funds from the exchange. The message also didn’t mention instant transfers, but only those made with a credit or debit card.

Over the last month, Binance has faced several regulatory issues both in the U.K. and globally. On June 26, the Financial Conduct Authority banned Binance from offering crypto derivatives in the U.K., the same FCA ruling that Barclays cited in its decision to stop transfers to the exchange. On the same page as the Binance ruling, the FCA also gives more general advice regarding investment in crypto assets.

Recently, IBS Intelligence reported that Barclays Corporate Banking recently announced that it has teamed up with CGI for implementing the CGI Trade360 platform in a bid to offer an end-to-end global trade finance solution for Barclays clients in the U.K. and around the world.

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