Barclays stops clients from making Binance payments

Wednesday 07th July 2021 06:09 EDT

British multinational universal bank Barclays has been blocking payments to cryptocurrency exchange Binance over the last week. The bank has confirmed to cardholders that Barclays debit/credit card payments to the cryptocurrency exchange will not be allowed until further notice.

The bank, however, has been receiving negative feedback on the new policy. The UK's Financial Conduct Authority warned consumers late June that Binance Markets Limited (BML) will no longer be allowed to engage in any regulated financial services in the UK. Binance however, clarified to users in a statement on July 1, that BML is a separate business and legal entity, and that the FCA's injunction did not exclude from conducting business with residents of the UK.

The FCA warnings have spooked other banks as well, with British Monzo and Starling Banks also reportedly blocking payments to Binance and other crypto exchanges.

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