HSBC becomes new bank to suspend payments for UK’s Binance cryptocurrency exchange

HSBC is reportedly the latest UK bank to announce the suspension of payments to the Binance cryptocurrency exchange. Referring to the consumer warning by the country’s financial regulator, the Financial Conduct Authority (FCA), the bank told its clients: “we made this decision out of concerns about potential risks to you.”

“We are suspending payments on Binance,” HSBC said
British bank HSBC has reportedly become the latest bank to suspend payments for global cryptocurrency exchange Binance. Several people posted a message on Twitter that they claimed they had received from the HSBC banking team in the UK.

“We are suspending payments at Binance,” the message reads::

We wanted to let you know that we are stopping payments from our credit cards at Binane whenever possible. We made this decision out of concerns about the potential risks to you.

He said: “We take our debt to a responsible lender seriously and want to do all we can to protect you. We will continue to monitor the situation and let you know if anything changes, ” he said.

As a reason, the bank cited the message of the country’s Financial Supervisory Authority, the Financial Conduct Authority (FCA), as a reason. “The FCA recently issued a warning to consumers about Binance’s regulatory status in the UK.this also explains some of the risks of investing in cryptocurrencies when something goes wrong,” HSBC wrote.

The FCA’s June warning on Binance said no organisation in the Binance group ” has any UK licence, registration or licence to carry out regulated activities in the UK.”

FCA, in addition to several other regulatory agencies also Malaysia, Japan, the Cayman Islands, Hong Kong, Thailand, Germany, and Lithuania has a similar warning about Binance, including regulatory agencies. Other UK banks that have halted Binance payments are Barclays, Santander and Natwest.

HSBC has maintained its anti-crypto position. In April, the bank changed its crypto policy for F customers

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