UK bank, Barclays, has blocked card payments to Binance. This announcement comes less than 2 weeks after the Financial Conduct Authority (FCA) said the crypto exchange was not authorised to operate within the UK.
Barcleys has been sending text messages to customers who have used their cards to transfer funds to Binance over the past year:
“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.”
Just had my Barclays Bank stop payments to binance. I don't think I've ever had more reason to switch banks in my entire life.#Binance #Bitcoin pic.twitter.com/33gnUXloXK
— Haider-Ali (@HaiderA25086620) July 5, 2021
Barclays said that customers will still be able to withdraw funds.any frustrated customers, however, took to Twitter to express their dissatisfaction with the decision. Several users claimed that they would be switching banks, as a result of this decision by Barclays.
On 26 June 2021 the FCA issued a warning that Binance Markets Limited was not authorised to operate in the UK. Binance, however, issued a press release on 1 July 2021 clarifying that Binance Markets Limited is a separate legal entity and the FCA’s ban did not exclude Binance.com from operating in the UK.