Barclays prevents customers from sending funds to Binance – Bitcoin News

Barclays has reported that it no longer supports sending funds to Binance, one of the largest cryptocurrency exchanges in terms of daily volume. The bank announced its problems with transferring funds to Binance in a resolution message to customers today. The banking giant cites the warning issued by the Financial Conduct Authority (FCA) against Binance last week. The measure affects more than 24 million Barclays customers worldwide.

Barclays blocks cables to Binance

Barclays, one of the UK’s leading banking institutions, announced that it will no longer support transfers to Binance. The bank made this announcement effective immediately, telling customers to protect their money. Barclays justified this measure with the warning that the FCA issued on the cryptocurrency exchange last week. The bank stated:

This promotion does not affect the ability for customers to withdraw funds from Binance. The decision was made after the FCA warned consumers.

Last week the FCA stated that Binance Markets Limited “is not allowed to conduct regulated activities in the UK”. As a result, many institutions are studying the best solution on this issue. However, Barclays is not the first bank to trade directly by blocking payments to crypto trading platforms. Last month, Natwest also set a limit on daily transfers to cryptocurrency exchanges. This is due to the suspected fraud figures in connection with these operations. TSB, another UK bank, said it would take similar action.

Barclays’ latest move would affect more than 24 million customers worldwide. These customers are now unable to transfer their funds to Binance to buy cryptocurrencies. Although the company has no offices in the UK, it uses a number of payment processors to route fiat money from its customers to its platform. According to reports, these affiliates may not now be able to process these payments.

Binance on the test bench

Binance was recently scrutinized by global regulators. The exchange is faced with a criminal complaint filed in Thailand. According to the Thai Securities and Exchange Commission (SEC), the exchange does not have a license to operate there. Similar warnings have been issued against the stock exchanges in the Cayman Islands, the Canadian province of Ontario, South Africa and Japan.

There were also reports last May that Binance was being investigated by the Justice Department (DOJ) on assumptions of money laundering. The exchange has worked to strengthen its systems to comply with existing regulations. It was recently announced that it will be one of the first exchanges to introduce Traveler, a tool that automates compliance with Financial Action Task Force (FATF) travel rules. In late April, the company also hired a former top regulator and acting head of US currency auditor Brian Brooks.

What do you think of Barclays preventing customers from sending money to Binance? Let us know in the comments section below.

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