Read this Term made by credit/debit card to them until further notice. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. “As you’ve made a payment to Binance this year, we wanted to let you know that we’re stopping Payments Now, Barclays has taken the step to halt such kinds of transactions until further notice.
This firm is part of a wider Group (Binance Group),” the regulator said at that time.
“Binance Markets Limited is not permitted to undertake any regulated activity in the UK. The FCA banned Binance from all regulated activities in the UK at the end of June. According to Business Insider, the bank cited a notice from the UK Financial Conduct Authority (FCA) and proceeded to notify its customers about the measure taken. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. However, adding restrictions and blockage to certain firms is set to lower the number of funds customers can transfer to exchanges.Barclays Plc, a British multinational investment bank, has suspended debit and credit card transactions that go to Binance, a major cryptocurrency ExchangeĪn exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Such global platforms usually do not require registering with the regulator, even if they have customers from the UK. So far, only five crypto firms have successfully approved and registered by the UK’s regulator by overseeing money laundering prevention, while the majority are still waiting for their approval.Īccording to regulators’ data, about 2.3 million customers hold crypto assets across the UK, with most people utilising offshore exchanges like Binance to trade such tokens. The move by Barclays comes at a time when authorities in the UK are working on the extent to which customers can transfer money to and from cryptocurrency exchanges due to the lack of sufficient regulatory oversight over the crypto industry and concerns about compliance standards that vary significantly between exchanges.įor those current issues that Binance is facing, banks are making efforts to scrutinise the flow of customers’ funds into exchanges. Recently, regulators across the globe are working to control the money that passes between crypto-assets and traditional financial systems to help banks protect clients from fraudulent activities and prevent money laundering. Meanwhile, Barclays’ customers have turned to Twitter social media to express their dissatisfaction over the abrupt ban, while some claimed to cut off their accounts. However, experts have argued that the move is part of a wider crackdown by regulatory authorities, as governments take action against crypto trading services. The agency cited that digital asset exchanges are prohibited from doing cryptocurrency businesses in the United Kingdom.īinance stated that the financial regulator’s notice had no direct impact on its online platform's crypto services during that time. On June 26, the UK’s Financial Conduct Authority ( FCA) banned Binance from offering its cryptocurrency derivatives in the UK markets and ordered the crypto exchange to suspend any of its regulated business operations in the country. This is to help keep your money safe," the bank stated. "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. UK’s Barclays bank has suspended debit and credit card payments to Binance cryptocurrency exchange, claiming that it reached such a decision after obtaining notice from the financial services regulator.īarclays, the London-based financial institution, sent text messages o n Monday, July 5, to its customers informing them about the announcement.
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