Barclays, which is a UK-based bank, has taken steps to ensure that its customer’s hard-earned money doesn’t fall prey to the current regulatory battle taking place between Binance and the UK government.
If you don’t already know, Binance has been prohibited from operating in the UK, overtaking regulatory control of the crypto market without taking permission from the concerned UK’s regulatory office. This regulatory pressure that Binance is facing is not new, as the crypto exchange has been following the same tensions from various regions and parts of the world.
There has been a formal investment via email and text messages alerting people that Barclays will not be able to process any kind of payments made to Binance. This holds ground for both wire transfers and the card payments made to Binance. The text messages that are sent to the customers target only those who have either made a payment to Binance in the past or actively do so from time to time. The text messages and emails do point out the concern that Barclays have for the safety of the clients’ money who have an account maintained with Barclays.
Binance is Severely Opposed in the UK over Regulatory Concerns
Customers who have not taken this decision politely are advised to actively check the FCA’s website (financial conduct authority) as it clearly narrates there that Binance is currently out of operation within the country over some actions it took in the recent weeks or so and that is why the citizens of UK are advised not to engage with the crypto exchange for any kind of business whatsoever.
Barclays is the first bank to take this type of stand and, according to them, is only for the betterment of the consumers, and so they are not subjected to any kind of fraud or scam. HSBC, which is another bank, has stopped clients from buying the MSTR stock, which belongs to the indigenous business intelligence firm MicroStrategy. This is because it has had a wild exposure to Bitcoin in the past, and consistent dealing with cryptocurrency shows a weakling of its financial stance as volatility catches on.