British lender Barclays is preventing its customers from making payments to Binance following a regulatory crackdown on the crypto exchange by the country’s Financial Conduct Authority last month, the Financial Times reports.
Fast facts
- The bank said the move would not impact customers’ ability to withdraw funds from Binance, and that it would continue to alert customers that payments had been blocked until further notice, according to tweets from customers.
- Late last month, the regulator announced: “Binance Markets Ltd. is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.” It also stated that by the close of business on June 30, the world’s largest crypto exchange would be compelled to display on its website and social media outlets a message stating clearly that it was not permitted to undertake any regulated activity in the UK.
- Customers in the UK have still been able to access the exchange through Binance.com, however.
- “BML is a separate legal entity and does not offer any products or services via the Binance.com website,” A Binance spokesperson told Forkast.News. “The Binance Group acquired BML May 2020 and has not yet launched its UK business or used its FCA regulatory permissions.”
- Binance has faced similar regulatory pressure around the world in recent months, as Forkast.News has reported.
