• Barclay customers can no longer deposit funds into crypto exchange Binance through their credit and debit cards.
  • Account holders of the UK bank were notified of the recent decision through text messages.
  • The London-headquartered bank explained that this move was made to “keep customers’ money safe.”

United Kingdom-based Barclays bank issued a notice to customers recently, informing them that debit and credit cards could not be used for payments to crypto exchange Binance. This move follows increased scrutiny on Binance from the financial watchdog in the country. 

Binance troubles continue in the UK

The Financial Conduct Authority in the United Kingdom recently stated that Binance Markets is not authorized to carry out any regulated activity in the country. The FCA argued that the Binance Group appears to be offering British customers services and products while failing to hold any form of required registration or license.

Shortly after, withdrawals and deposits were unavailable on the exchange for UK customers through the Faster Payments System. According to Binance, the ability to take out fiat through the system was “suspended for maintenance.”

A spokesperson for the crypto exchange said withdrawals through the payment system were reactivated earlier last week. The purchasing of digital assets through bank cards was also made available again. 

The exchange, headed by Changpeng Zhao, has increasingly received concerns from regulators worldwide over the use of cryptocurrencies for illicit activities, including money laundering. 

Despite reports of Binance saying that withdrawals have been reinstated on the platform, Barclay clients in the country can no longer transfer funds to the exchange after London-headquartered bank Barclays stopped credit and debit card transactions to the exchange until further notice.

Barclays has recently informed customers that they will no longer be able to deposit funds on Binance through card payments. The bank has blocked account holders from sending money to the exchange. 

Customers who have previously sent fiat to Binance have received text messages with a notice regarding the new decision on July 5. 

Barclays explained in the message it is committed to “help keep customers’ money safe.” In addition, the British bank told customers to check the UK financial watchdog’s website regarding Binance. The notice also did not mention other types of transfers, apart from credit and debit cards.

While deposits through credit and debit cards have been halted by the bank, customers can still withdraw funds from the exchange. 

Binance has found itself in hot water as regulators from countries including Japan, Canada and Thailand have also issued warnings to the exchange. The cryptocurrency platform even decided to halt operations in Ontario after it was accused of failing to comply with regulations in the province. 

The United Kingdom continues to tighten its stance on cryptocurrencies, as another British bank, Natwest, recently halted payments to several crypto firms. Santander is now reviewing its position on allowing money to be sent to digital asset exchanges. 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum price downside risks resurface amidst falling investor interest

Ethereum price downside risks resurface amidst falling investor interest

Ethereum price is trading marginally above $1,300 after its bullish shoots were slashed at $1,400 on Tuesday. The presence of immense buyer congestion at $1,255 cut short the pullback that may very well have tagged $1,200. 

More Ethereum News

This best-case scenario for Litecoin price forecasts a 20% drop

This best-case scenario for Litecoin price forecasts a 20% drop

Litecoin price action over the last few weeks paints a bearish picture, as discussed in our previous article. Since then, LTC has triggered a breakout and is likely to continue heading lower.

More Litecoin News

Shiba Inu price: Ethereum whale swallows 272 billion SHIB, becomes investors’ favorite

Shiba Inu price: Ethereum whale swallows 272 billion SHIB, becomes investors’ favorite

Large wallet investors on the Ethereum network are keen on accumulating Shiba Inu. The 130th largest Ethereum whale scooped up 272 billion Shiba Inu coins overnight. Analysts retain a bullish outlook on the altcoin. 

More Shiba Inu News

Dogecoin price provides sidelined buyers another opportunity before a 50% rally

Dogecoin price provides sidelined buyers another opportunity before a 50% rally

Dogecoin price undid its gains seen between September 21 and 24 as it came tumbling down, following the footsteps of Bitcoin price. This downtrend has provided sidelined buyers a chance to accumulate before the inevitable explosion of bullish momentum.

More Dogecoin News

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.

Read full analysis

BTC

ETH

XRP