Barclays bank customers in the United Kingdom have been stopped from using credit or debit cards to make payments to Binance until further notice. The Ban came in after nearly two weeks since the Financial Conduct Authority (FCA) said Binance Market Limited is not allowed to carry out crypto operations in the country
“it is our responsibility to help protect your money,” the London-based bank’s support page tweeted on Monday, adding, “with this in mind we’ve decided to stop payments made by debit/credit to Binance until further notice, to help keep your money safe.”
The announcement came in after nearly two weeks since the Financial Conduct Authority (FCA) said Binance Market Limited was not allowed to carry out crypto operations in the U.K. “No entity in the Binance Group holds any form U.K authorization, registration, or license to conduct a regulated activity in the United Kingdom.” The regulatory body said in a statement. “the Binance Group appear to be offering UK customers a range of products and services via the website, Binance.com
The UK is the latest in a growing list of countries that have accused the crypto exchange platform of not having authorization to undertake regulated activities. In mid-May, it was reported that the exchange was facing investigation by the U.S Internal Revenue Service as well as the department of justice. On June 25, 2021, Japan’s Financial Services Agency (FSA) issued a second warning against the exchange, saying it’s still operating in the country without registration.
There has also been a similar issue in Ontario as the Ontario-based Securities Commission began taken legal actions against Binance for unregistered exchanges. Thailand Securities and Exchange Commission also announced that it had filed a criminal complaint against the exchange for unregistered operations.
Where does it go from here for Binance the world’s largest cryptocurrency exchange platform? We will be live here at Bitnewsbot covering all the events as they unfold.