Home>News>Economy>Cryptocurrency>Binance disappointed by Barclays’ ‘unilateral action’ to block customer payments

Binance disappointed by Barclays’ ‘unilateral action’ to block customer payments

Binance disappointed by Barclays’ ‘unilateral action’ to block customer payments

A Binance spokesperson reiterated to Cointelegraph that the Financial Conduct Authority’s recent edict only applied to Binance Markets Limited, or BML, which is a separate legal entity from the main global exchange that operates through Binance.com.

Barclays’ decision to stop facilitating British customers’ payments to Binance has been met with criticism by the cryptocurrency exchange after a spokesperson told Cointelegraph that the bank acted with “an inaccurate understanding of events.” 

“We are disappointed that Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events,” the spokesperson said, referring to a recent edict by the United Kingdom’s Financial Conduct Authority, or FCA, barring Binance Markets Limited from operating in the country.

“The FCA notice relates to [Binance Markets Limited], which is a company incorporated in the UK and regulated by FCA,” the spokesperson said, adding that BML is a separate legal entity that doesn’t offer any products or services through the main Binance website.

The FCA notice had no bearing on user deposits on the main Binance website, the spokesperson said, adding that, “We have always taken the security of our users’ money very seriously.”

Binance said it welcomes open dialogue with Barclays to discuss the matter further:

“We take our compliance obligations very seriously, and we are committed to working collaboratively with regulators to shape policies that protect consumers, encourage innovation, and move our industry forward.”

Related: Binance faces regulatory upheaval as lawmakers target ‘global’ exchanges

Binance has been caught in the regulatory crossfire as of late, with several jurisdictions around the world taking stricter measures to limit the exchange’s operations. Over the past two weeks, financial regulators in Japan and the United Kingdom have warned users about Binance’s regulatory status in their respective countries. Meanwhile, Binance announced it would no longer operate in the Canadian province of Ontario after regulators there implemented stricter regulations targeting cryptocurrency exchanges.


Актуальные новости

24.03.2022, 12:06
With Investors Now Bullish On Software Giant Oracle, 3 Ways To Trade The Stock
12.08.2021, 08:31
Bitcoin and Ethereum Lack Momentum, XRP Tests USD 1
14.02.2022, 07:30
‘Bank of Jamaica Will Roll Out Digital Jamaican Dollar in 2022,’ Says Prime Minister
12.04.2022, 17:00
Fast, Secure and Interoperable, Parex Is the New Decentralized Exchange to Look Out For
03.10.2021, 00:30
IMF Warns Crypto Boom Poses New Financial Stability Challenges, Urges Regulators to Step Up
11.02.2022, 06:30
Binance Invests $200 Million Into the Business Magazine and Digital Publisher Forbes
04.01.2022, 14:30
Spain Reduces ATM Numbers to 2002 Levels as Country Moves to Digital Payments
12.10.2021, 12:51
Crypto lending firm Celsius Network raises $400M
$ 19015.7
$ 1046.08
$ 1.002
$ 0.31119
$ 49.36