Barclays Suspends Card Transactions to Binance in the UK, Cites FCA Notice

The investment bank has already sent an SMS notification to all its UK customers.

Barclays Plc, a British multinational investment bank, has suspended debit and credit card transactions that go to Binance, a major cryptocurrency exchange. According to Business Insider, the bank cited a notice from the UK Financial Conduct Authority (FCA) and proceeded to notify its customers about the measure taken.

The FCA banned Binance from all regulated activities in the UK at the end of June. “Binance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a wider Group (Binance Group),” the regulator said at that time. Now, Barclays has taken the step to halt such kinds of transactions until further notice.

“As you’ve made a payment to Binance this year, we wanted to let you know that we’re stopping payments made by credit/debit card to them until further notice. This is to help keep your money safe,” the mobile phone text message said. The manoeuvre woke up controversy in social media, especially among Barclays’ customers who expressed their frustration on the blockage. “This action does not impact on the ability for customers to withdraw funds from Binance,” a spokesperson from the bank commented on the matter.

Other Regulatory Maneuvers against Binance

As of press time, Binance has not issued an official comment regarding the decision taken by the British multinational investment bank. As reported by Finance Magnates, the Financial Services Commission (FSC) from South Korea is planning to follow the same path as other regulators globally towards Binance by setting a deadline to register its business.

The exchange is required to register its firm in South Korea before September 24, which is the deadline imposed by the South Korean government for crypto-related companies to obtain licenses under the revised Act on Reporting and Using Specified Financial Transaction Information. Moreover, Thailand’s Securities and Exchange Commission (SEC) filed a criminal complaint against the cryptocurrency exchange last week, arguing the firm is illegally offering services in the country.