Barclays halts card payments to Binance, cites FCA notice
Leading crypto exchange Binance might be in for some cloudy days following a decision by Barclays (LON:) to halt debit and credit card payments to the platform “until further notice.”
The British banking behemoth told customers on Monday that it would no longer facilitate payments made to Binance. Customers reportedly received a text notification from the bank on Monday, which reads:
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. This is to help keep your money safe. For further info, please search FCA Binance online. We're sorry for any disruption this may cause you.
Some customers began experiencing some difficulties in making payments to Binance from the bank last week. Following the confirmation from the bank, several customers have taken to Twitter to express their displeasure over the decision, with many of them threatening to stop using the bank.
See you later Barclays. Only one unsafe, criminal enterprise in this conversation and it’s not Binance! Disgusting decision and I hope many more close their accounts.
— Quantanomics (@PampDamp) July 5, 2021
In what could be described as damage control following the negative feedback from unhappy Binance customers, the bank’s social media manager directed Binance users to the Financial Conduct Authority of the United Kingdom's website.
In addition to the U.K., Binance is also under intense pressure from regulators in Canada, Thailand, Cayman Islands, Japan, and Germany.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.