Barclays bans UK customers from making card payments to Binance, citing a notice from the national regulator

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Barclays banned UK customers from making card payments to Binance on Monday.
The bank acted after UK financial watchdog the FCA told the crypto exchange to halt regulated activity.
Customers on Twitter were angry about the move, threatening to close their Barclays accounts immediately.
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Barclays, one of the top British banks by assets, suspended debit and credit card payments to crypto-trading platform Binance on Monday, citing a notice from the country’s financial services regulator.
Customers received a phone text message from the bank to notify them about the move.
"As you’ve made a payment to Binance this year, we wanted to let you know that we’re stopping payments made by credit/debit card to them until further notice. This is to help keep your money safe," the message read.
The UK’s financial services regulator on June 26 ordered Binance to halt any regulated operations – effectively, a ban on Binance Markets, its only UK-regulated entity, from offering crypto derivatives. At the time, Binance said the Financial Conduct Authority’s notice had no direct impact on the services it provides via the Binance.com website.
But experts have told Insider it’s just the start of a broader crackdown by regulators, as governments feel emboldened to take on crypto platforms the way they have gone up against Big Tech.
Barclays’ customers immediately took to Twitter to express frustration over the sudden ban, with some threatening to close their accounts.
Barclays and Binance didn’t immediately respond to Insider’s request for comment.
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Read the original article on Business Insider

Source: https://www.businessinsider.com/barclays-bans-uk-customers-from-making-card-payments-to-binance-2021-7

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