Barclays' Binance Customers Looking for Alternative Apps, Banks & Countries
The crypto-supporting customers of London-headquartered multinational bank Barclays are “leaving” and searching for workarounds, after the bank – previously fined for being used for money laundering – stopped payments to major crypto exchange Binance to “protect” customers’ funds.
As one of the alternatives, some are looking into using the major UK-based mobile banking app Revolut by converting their GBP into EUR – an app which, as reported, has been turning more crypto-friendly.
Others recommend changing the bank altogether, and opening, for example, an account with the UK-based online bank Monzo. Other banking suggestions include Santander, Halifax, Lloyds, and HSBC – though there are arguments that more banks may follow Barclays’ lead. Therefore, some suggest changing countries instead.
All of these cryptocurrency restrictions in the UK will only increase over time.— NFTeddy (@TeddyCleps)
As reported yesterday, Barclays’ users complained that the bank has stopped credit/debit card payments to Binance, after which the bank tweeted that it is their “responsibility to help protect your money,” and that the payments to the exchange will be stopped “until further notice, to help keep your money safe.”
Binance itself responded, complaining that “some partners are taking unilateral action to stop servicing Binance users based on what appears to be an inaccurate understanding of events,” and reiterating that the the Financial Conduct Authority (FCA) notice was not about users deposits on Binance.com, relating instead to Binance Markets Limited (BML), a company incorporated in the UK, regulated by the FCA, and a separate legal entity that does not offer any products or services via Binance.com.