U.K. Bank Barclays Blocks Card Payments to Binance

Key Takeaways

  • U.K. bank Barclays has confirmed customers will no longer be able to deposit funds on Binance.
  • Barclays says it made the decision to keep customers safe.
  • Binance has faced regulatory pressure in several countries in recent months.

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U.K. bank Barclays has informed customers that it will no longer allow card payments to the cryptocurrency exchange Binance. 

U.K. Bank Blocking Binance Transfers 

Barclays has blocked customers from making card transfers to the cryptocurrency exchange Binance. 

Barclays account holders who had previously sent money to the exchange received text messages informing them of the change Monday.

In the text, Barclays explained that it made the decision to “help keep customers’ money safe” and urged customers to check the Financial Conduct Authority’s website regarding Binance for more information. 

Disgruntled customers immediately took to Twitter to voice their concerns, only to receive a similar message from the official Barclays U.K. Help Twitter account.

Barclays isn’t the only U.K. bank to take a stand against crypto: Natwest recently issued a similar block in hopes of protecting customers from scams and frauds, while HSBC has banned clients from buying MSTR stock on its trading platform due to MicroStrategy’s exposure to Bitcoin.

Although Barclays has stopped card transfers to Binance, it has assured customers that this action does not impact their ability to withdraw funds from the exchange. The message also didn’t mention instant transfers, but only those made with a credit or debit card. 

Over the last month, Binance has faced several regulatory issues both in the U.K. and globally. On Jun. 26, the Financial Conduct Authority banned Binance from offering crypto derivatives in the U.K., the same FCA ruling that Barclays…

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