back Back

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

By Joy Dumasia

July 06, 2021

  • Barclays
  • UK

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.

Previous Article

July 06, 2021

TCS’s Quartz™ leverages Thales for secure crypto transactions

Read More
Next Article

July 06, 2021

Endorse introduces digital supply chain finance platform developed by Prime FinTech

Read More

IBSi Daily News Analysis

Data privacy

June 19, 2024


EMEA faces $85bn annual financial crime compliance costs, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 18, 2024

GoCardless partners with Federation of Small Businesses to tackle late payments

Read More

June 13, 2024

Flexys partners with for debt collection

Read More

June 12, 2024

Ozone API & Tuum team to accelerate open banking worldwide

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023