UK Bank Barclays Blocks Payments to Binance

The move follows the FCA's announcement that Binance cannot conduct regulated activities in the country.

Jul 5, 2021 at 3:30 p.m. UTC
Updated Sep 14, 2021 at 1:20 p.m. UTC

U.K. bank Barclays said Monday it is blocking customers from using their debit and credit cards to make payments to crypto exchange Binance.

  • "With effect from today, Barclays intends to stop credit and debit card payments to Binance," Barclays said in an email to CoinDesk. "This action does not impact on the ability for customers to withdraw funds from Binance."
  • The bank has been contacting customers who have used their cards on Binance this year, advising them it is stopping payments until further notice, according to tweets.
  • The decision follows shortly after the U.K. Financial Conduct Authority (FCA) announced that Binance was not allowed to conduct any regulated activities in the country.
  • Regulators in other markets including Japan and Canada have offered similar warnings in recent weeks, with one in Thailand even threatening criminal charges.
  • Binance had not responded to CoinDesk's request for comment by press time.

UPDATE (JULY 5, 16:01UTC): Rewrites top of story to reflect comment from Barclays.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.