Barclays bans fund transfers to Binance, affecting all UK customers

Binance faces yet another expulsion from the UK financial system, after Barclays said it would prevent its UK clients from trading crypto. Barclays announced Monday that they are reaching out to their clients, especially those who have previously traded with Binance.

The move comes after the Financial Conduct Authority (FCA) issued a warning to Binance’s UK division on June 26. The warning stated that Binance did not have the required authorization or license to operate regulated activities involving cryptocurrencies.

British multinational bank Barclays added that it is not preventing customers from using the crypto exchange, however, no payment or transfer of funds to Binance will be available through their system. They contacted their clients who were transferring funds to Binance and explained the ban to them.

On the flip side, a Binance spokesperson said: “We are disappointed that Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events.”

Binance is still under surveillance with the ongoing crackdown on cryptocurrencies. This has happened in other countries, such as Thailand and Japan, and an investigation is underway in the United States. All mishaps aside, Barclays’ statement could eventually hit Binance.

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