![]() ![]() "īinance, however, clarified to its users in a statement on July 1, that Binance Markets Limited is a separate company and legal entity, and that the FCA court order did not exclude from doing business with residents of the Kingdom. futures, contracts for difference and options), as well as crypto assets that we would consider "securities" - learn more. ![]() Although we do not regulate crypto assets such as Bitcoin or Ether, we do regulate certain derivatives of crypto assets (such as trading contracts). ![]() "Be wary of online and social media advertisements that promise high returns on investments in crypto assets or related products. The British regulatory authority also gave some general guidelines on investing in cryptocurrencies: On June 26, the FCA warned consumers that Binance Markets Limited will no longer be able to provide any regulated financial services within the UK. With this in mind we've made the decision to stop payments made by credit / debit card to Binance until further notice, to help keep your money safe," Barclays said on Twitter. "Hello there, It's our responsibility to help protect your money. The bank's new policy has received a barrage of negative comments on social media, as the banking giant is referring Binance users to the UK Financial Conduct Authority website for "more information on Binance and the investment in crypto assets in general ". "The decision was made following the FCA's warning to consumers." However, adding restrictions and blockage to certain firms is set to lower the number of funds customers can transfer to exchanges.On Monday, Barclays informed its clients that it is blocking debit or credit card payments to the cryptocurrency exchange Binance "until further notice." "This action does not affect the ability of customers to withdraw funds from Binance," clarified the bank. Such global platforms usually do not require registering with the regulator, even if they have customers from the UK. ![]() So far, only five crypto firms have successfully approved and registered by the UK’s regulator by overseeing money laundering prevention, while the majority are still waiting for their approval.Īccording to regulators’ data, about 2.3 million customers hold crypto assets across the UK, with most people utilising offshore exchanges like Binance to trade such tokens. The move by Barclays comes at a time when authorities in the UK are working on the extent to which customers can transfer money to and from cryptocurrency exchanges due to the lack of sufficient regulatory oversight over the crypto industry and concerns about compliance standards that vary significantly between exchanges.įor those current issues that Binance is facing, banks are making efforts to scrutinise the flow of customers’ funds into exchanges. Recently, regulators across the globe are working to control the money that passes between crypto-assets and traditional financial systems to help banks protect clients from fraudulent activities and prevent money laundering. Meanwhile, Barclays’ customers have turned to Twitter social media to express their dissatisfaction over the abrupt ban, while some claimed to cut off their accounts. However, experts have argued that the move is part of a wider crackdown by regulatory authorities, as governments take action against crypto trading services. The agency cited that digital asset exchanges are prohibited from doing cryptocurrency businesses in the United Kingdom.īinance stated that the financial regulator’s notice had no direct impact on its online platform's crypto services during that time. On June 26, the UK’s Financial Conduct Authority ( FCA) banned Binance from offering its cryptocurrency derivatives in the UK markets and ordered the crypto exchange to suspend any of its regulated business operations in the country. This is to help keep your money safe," the bank stated. "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. UK’s Barclays bank has suspended debit and credit card payments to Binance cryptocurrency exchange, claiming that it reached such a decision after obtaining notice from the financial services regulator.īarclays, the London-based financial institution, sent text messages o n Monday, July 5, to its customers informing them about the announcement. ![]()
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