The apparent ban comes roughly two weeks after the UK’s Financial Conduct Authority (FCA) stated that Binance Markets Limited, the. Binance faces being further pushed out of Britain’s financial system after Barclays blocked its UK customers from transferring money to the cryptocurrency exchange.The move, which came into. This still isn't what the exchange operator wanted to hear, but it's not necessarily a calamity. Binance Update (February 17, 2022): Binance Resumes GBP bank transfers via Paysafe only for the verified users who have completed their account verification completely. Barclays clients in the UK can no longer transfer funds to Binance after the bank indefinitely banned credit and debit card transactions to the exchange, according to recent reports. Binance Markets Limited is legally separate and has "not yet launched" its UK business, the company said. Update 6/27 2:55PM ET: Binance told Engadget this shouldn't have a direct effect on activity through its main website. ![]() It's not clear how easily Binance can address its situation, but it's under more than a little pressure to act quickly. The FCA's crackdown could not only limit trading in a major market, but hurt the company's reputation. Binance is one of the largest crypto exchanges on the planet, with locations around the world and an industry-leading trading volume of about $2.46 trillion as of May 2021. In the past, it said it took regulatory obligations "very seriously" and was "committed" to honoring the rules wherever it operated. Barclays banned UK customers from making card payments to Binance on Monday. Barclays PLC ( LON:BARC) has become the latest UK bank to block customers from making credit and debit card payments to crypto exchange Binance after it was banned by the Financial Conduct. The watchdog didn't say just why it blocked Binance, but noted that an "imposition of requirements" kept Binance from operating.īinance has until June 30th to confirm that it's honoring the FCA's demands.Įngadget has asked Binance for comment. The Financial Times reports that the UK's Financial Conduct Authority has banned the major crypto exchange Binance from conducting regulated activity in the country, including Binance Markets Limited and its parent Binance Group. Barclays’ decision to stop facilitating British customers’ payments to Binance has been met with criticism by the cryptocurrency exchange. ![]() Cryptocurrency just faced another obstacle in the quest for government acceptance. Spanish banking giant Banco Santander has blocked payments to crypto exchange Binance for U.K.
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