Banking giant Barclays’ clients in the UK can no longer transfer funds to Binance after the bank indefinitely banned credit and debit card transactions to the exchange, according to recent reports. The ban comes roughly two weeks after the UK regulator Financial Conduct Authority (FCA) stated that Binance Markets Limited, the firm’s UK operations, was not holding proper authorization to carry out crypto operations in the country.
FCA had warned Binance.
The Barclays UK Help Twitter page is replying to frustrated consumers with copy-and-paste language, stating: “It’s our responsibility to help protect your money. With this in mind, we’ve taken the decision to stop payments made by credit/debit card to Binance until further notice to help keep your money safe.” Bank’s help account also directs users to the FCA homepage for more information. The FCA had ordered Binance earlier to stop crypto-regulated activity in the country no later than June 30; while generic crypto-assets are unregulated, surrounding trading products such as futures and options are regulated in the UK.
Thailand SEC also warned the crypto exchange.
Earlier, Thailand’s Securities and Exchange Commission (SEC) also filed a criminal complaint against Binance for illegally offering services in the country. “Following tips and the SEC’s further inspection, it was found that Binance has provided platform services for trading or exchanging digital assets via its website by matching orders or arranging for the counterparties or providing the system or facilitating entry into an agreement or match the order for persons who wish to trade or exchange digital assets,” SEC noted in its official announcement. The financial watchdog detailed that it had also issued a warning letter against Binance on April 5, but the crypto exchange failed to respond.