7/30/2023 0 Comments Barclays uk binance binance![]() ![]() Meanwhile, UK Binance customers may need to migrate their holdings to other crypto platforms other than Binance. The scope of crypto asset regulation is also increasing.”Ĭhapman added that the current pace of change may be slow but as the importance of crypto increases things may speed up. ![]() For example, they may take action in relation to misleading marketing and they may recommend to other UK regulated firms, such as payment services providers, that they should not do business with certain crypto asset businesses. The banks move comes just days after the Financial Conduct Authority (FCA) said that the digital asset exchange was not authorised to undertake crypto business within the UK. However, that does not mean UK regulators are powerless. Barclays has stopped its UK customers from transferring funds to Binance. Barclays has suspended all card payments from the UK, both debit and debit card payments, to the major crypto exchange Binance as it cites the announcement made by the Financial Conduct Authority regarding Binance operations in the UK. It is also true that some crypto asset activities are not regulated in the UK, and it is not always easy to police offshore firms. After the U.K’s Financial Conduct Authority warned on June 26 that Binance’s global affiliate, Binance Markets Ltd., isn’t authorized to operate in the country, British banks Barclays. Other firms may need to be more fully authorised and follow more detailed rules. in Cryptocurrency Market News Reading Time: 3 mins read 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. Some crypto asset firms may need to be registered with the UK authorities and follow anti-money laundering rules (AML). “Some activities involving crypto-assets are already regulated in the UK. “They need to balance this with protecting consumers and the market and policing financial crime,” said Chapman. While the news should come as no surprise, the FCA’s actions foreshadow the growing scrutiny by global regulators and the rather unregulated landscape of crypto exchanges.Ĭrowdfund Insider received a comment from Chris Chapman, a Partner at Mayer Brown, on the crackdown on crypto companies, and the difficult balance of encouraging innovation but protecting the public:Ĭhapman said that UK regulators, like other regulators, want to facilitate innovation and attract Fintech business to their jurisdictions. Binance soon posted a notice stating that Binance Markets Limited i s a company incorporated in the UK and regulated by the FCA adding that BML is a separate legal entity and does not offer any products or services via Today, multiple reports are indicating that the FCA’s block on Binance is filtering through the system as Barclays will no longer allow its UK customers to transfer funds to Binance. Binance Markets is part of the broader Binance Group – a company that powers the largest cryptocurrency exchange in the world. ![]() UPDATE (JULY 5, 16:01UTC): Rewrites top of story to reflect comment from Barclays.At the end of last month, the UK Financial Conduct Authority (FCA) announced that Binance Markets Limited was no longer permitted to undertake any regulated activity in the UK. Regulators in other markets including Japan and Canada have offered similar warnings in recent weeks, with one in Thailand even threatening criminal charges.īinance had not responded to CoinDesk’s request for comment by press time. Financial Conduct Authority (FCA) announced that Binance was not allowed to conduct any regulated activities in the country. The decision follows shortly after the U.K. The bank has been contacting customers who have used their cards on Binance this year, advising them it is stopping payments until further notice, according to tweets. Faster Payment is a payment network service integrated via Paysafe, enabling users to deposit and withdraw fiat currencies via bank transfers. Successful completion of account verification is required to use this service. “This action does not impact on the ability for customers to withdraw funds from Binance.” 11:00 Fellow Binancians, GBP deposits and withdrawals via bank transfer have now resumed for Binance verified users. “With effect from today, Barclays intends to stop credit and debit card payments to Binance,” Barclays said in an email to CoinDesk. bank Barclays said Monday it is blocking customers from using their debit and credit cards to make payments to crypto exchange Binance.
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