Barclays tells cardholders it’s stopping payments to Binance
The UK multinational bank has told clients that payments to the crypto-exchange are no longer facilitated and confirmed last week user reports. Over the last week, customers have been reported to reject payments on the Binance criphtocurrency exchange by the UK multinational universal bank Barclays. Cardholders have been informed by the financial services major that payments using Barclays' Cryptomonetary Exchange debits and credit cards would be accepted only after further notice.
"We wanted to make you aware that we have stopped payments by debit/credit card to them till further notice since you made a payment to Binance this year. This helps to safeguard your money. Search FCA Binance online for further information. This may cause you, we're sorry for any disorder. "
Lee said, "I think you're going to lose a customer here, together with some inflammatory language not suitable for publishing. Where I could spend my money, you can't tell me." Barclays and Binance's lone unfortunate client on Twitter this week was not the only one to express dissatisfaction.
Barclays is in Twitter's damage control mode since unfortunate consumers offer the new policy nasty comments. Social-Media account manager for the bank refers Binance users to "additional information about Binance and investment in crypto-assets in general" on the website for the Financial Conduct Authority of the UK.
On June 26, the FCA notified customers that the United Kingdom's regulated financial services will be no longer permitted by Binance Markets Limited (BML). The British regulatory body also provided some basic guidelines on crypto-monetary investment:
"Be careful with internet and social media advertising that promises huge returns on cryptoasset or cryptoasset investments... While we do not control cryptoassets such as Bitcoin and Ether, we also adjust some derivatives of cryptoassets (e.g. future contracts, differential contracts, options) and those we view as 'securities' – find out more about them.'
But Binance explained in a declaration to users on Thursday that BML is a distinct company and legal entity and that the injunction of the FCA did not exclude Binance.com.
The warnings of the FCA have also spoken about other U.K. institutions. It is also claimed that British Monzo and Starling Bank have began banning Binance payments and other crypto-exchanges.
Binancing Embargos by the FCA and Barclays are the newest in a slew of regulatory measures launched against the liquidity market of creator Changpeng Zhou.
In Thailand, Canada, Japan and the United States, crypt exchanges have also lately faced additional regulatory obstacles. At the time of publishing, Binance Coin (BNB) traded slightly under $300, down around 24% for the past 30 days.
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