Key Takeaways
- Barclays Bank stops debit/credit card payments to Binance
- Barclays decision comes after recent ban on Binance by the FCA
- Binance currently the subject of investigation from regulators globally
On Monday, the Financial Times reported that Barclays Bank, one of the largest financial institutions in the UK, is preventing its clients from transferring funds to Binance global platform. According to the report, Barclays has sent a notification to all customers that have used their cards to purchase cryptocurrencies in the past year.
The notice stated that the bank would be stopping card payments to the popular crypto exchange. Barclays further added that the measure was placed to protect customers' money.
Oddly enough, bank transfers are not affected by this ban, and Barclays customers can still send funds to Binance using this payment method. The bank also advised customers to visit the Financial Conduct Authority (FCA) website for more information on the subject.
It is not surprising that Barclays' decision comes after the FCA banned Binance Markets Limited, the local branch of Binance, from trading in its territory. Binance had set up the entity to integrate into the United Kingdom, similar to how Binance US caters to US customers.
Although the FCA ban is limited to the local version of Binance, Barclay's decision is based on Binance global. Binance has faced several obstacles from regulators globally in recent weeks that have made news rounds.
Regulators in Thailand, Japan, and Ontario, Canada have all stated investigation into the company. Barclays customers have made their displeasure online with some threatening to change the bank for crypto-friendly banks.
What do you think about Barclay's decision is good/bad for the crypto industry?
