Barclays prohibits credit or debit card payments on Binance

by | Jul 6, 2021

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Barclays clients and Binance spokespeople have expressed their dissatisfaction through comments on social networks, the former, and statements to specialized media, the latter, after the British banking giant’s ban of its customers’ credit card payments on the crypto exchange. The bank has taken advantage of the notice of the United Kingdom Financial Conduct Authority (FCA for its acronym in English) of June 26 on Binance.
On Monday, Barclays informed its clients that it is blocking debit or credit card payments to the cryptocurrency exchange Binance “until further notice.” “This action does not affect the ability of customers to withdraw funds from Binance,” clarified the bank. “The decision was made following the FCA’s warning to consumers.”

The bank’s new policy has received a barrage of negative comments on social media, as the banking giant is referring Binance users to the UK Financial Conduct Authority website for “more information on Binance and the investment in crypto assets in general “.

“Hello there, It’s our responsibility to help protect your money. With this in mind we’ve made the decision to stop payments made by credit / debit card to Binance until further notice, to help keep your money safe,” Barclays said on Twitter .

On June 26, the FCA warned consumers that Binance Markets Limited will no longer be able to provide any regulated financial services within the UK. The British regulatory authority also gave some general guidelines on investing in cryptocurrencies:

“Be wary of online and social media advertisements that promise high returns on investments in crypto assets or related products … Although we do not regulate crypto assets such as Bitcoin or Ether, we do regulate certain derivatives of crypto assets (such as trading contracts). futures, contracts for difference and options), as well as crypto assets that we would consider “securities” – learn more. ”

Binance, however, clarified to its users in a statement on July 1, that Binance Markets Limited is a separate company and legal entity, and that the FCA court order did not exclude Binance.com from doing business with residents of the Kingdom. Kingdom, as ‘CoinTelegraph’ recalls.

“We are disappointed that Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events,” a company spokesperson reiterated, referring to a recent edict from the UK Financial Conduct Authority, or FCA, which prohibits Binance Markets Limited from operating in the country.

The FCA warnings have also spooked other UK banks. British banks Monzo and Starling have also started blocking payments to Binance and other crypto exchanges.

Translated by Caoimhe Toman

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