Barclays Bank has stopped its UK customers from transferring money to Binance following the recent announcement by the Financial Conduct Authority (FCA) that the digital asset exchange was not authorised to carry out crypto business within UK borders.
On Monday (5 July), Barclays told customers who had previously made payments to Binance that it had blocked payments made by credit/debit card to the company until further notice.
In a text to customers, since shared on social media, the bank added that the decision had been taken “to help keep your money safe”.
Barclays apologised for any disruption the announcement would cause and said its action will not stop customers from withdrawing funds from Binance. For more information, the bank advised customers to “search FCA Binance online”.
Barclays’ decision follows a recent move by the FCA to ban Binance Markets Limited (BML) from carrying out any “regulated activity” in the UK without the regulator’s prior consent.
BML is the UK subsidiary of Binance, which runs one of the world’s largest cryptocurrency exchanges.
The FCA’s move came at a time when financial watchdogs worldwide have become increasingly concerned about the cryptocurrency sector and its potential role in illicit activities such as money laundering and fraud.
Other UK banks are thought to be monitoring the Binance situation.