Barclays UK Bans Trading On Binance Crypto Platform Due To FCA Rules

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On June 26, the UK financial services regulator ordered Binance to suspend all regulated transactions – in fact, a ban on Binance Markets, its only regulated entity in the UK to offer crypto derivatives.

Barclays, one of Britain’s asset-wise banks, suspended debit and credit card payments to crypto-trading platform Binance on Monday, citing an opinion from the country’s financial services regulator.

Barclays isn’t the only UK bank to take a stand against crypto; Natwest recently released a similar block in the hopes of protecting customers from scams and fraud. HSBC has banned its clients from buying MSTR shares on its trading platform due to MicroStrategy’s exposure to Bitcoin.

Although Barclays has stopped card transfers to Binance, it has assured customers that this action does not affect their ability to withdraw funds from the exchange. The post also didn’t mention instant transfers, only those made with a credit or debit card.

Over the past month, Binance has faced several regulatory issues in the UK and around the world. On June 26, the Financial Conduct Authority banned Binance from offering crypto derivatives in the UK, the same FCA decision Barclays cited in its decision to stop transfers to the exchange. On the same page as the Binance decision, the FCA also gives more general advice regarding investing in crypto assets.

Recently, IBS Intelligence reported that Barclays Corporate Banking recently announced that it has partnered with CGI for the implementation of the CGI Trade360 platform with the goal of providing an end-to-end global trade finance solution to Barclays customers in the UK and around the world.

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