Barclays Blocks Customers From Sending Funds to Binance

Barclays has reported it no longer supports wiring funds to Binance, one of the largest cryptocurrency exchanges in terms of daily volume. The bank announced its issues with wiring funds to Binance in a resolution message to the customers today. The banking giant cites the warning that the Financial Conduct Authority (FCA) issued against Binance last week. The measure affects more than 24 million Barclays customers at a worldwide level.

Barclays Blocks Wires To Binance
Barclays, one of the leading banking institutions in the UK, announced they would no longer support wiring funds to Binance. The bank made this announcement effective immediately and told customers it was meant to protect their money. Barclays based this measure on the warning that the FCA issued last week on the cryptocurrency exchange. The bank stated:

This action does not impact on the ability for customers to withdraw funds from Binance. The decision has been taken following the FCA warning to consumers.

Last week, the FCA stated Binance Markets Limited “is not permitted to undertake any regulated activity in the UK.” As a result of this, many institutions are studying which will be the best resolution on this subject. However, Barclays is not the first bank that has acted directly by blocking payments to crypto trading platforms. Last month, Natwest also established a limit on daily transfers to cryptocurrency exchanges. This due to the alleged fraud numbers associated with these operations. TSB, another UK bank, said it would be studying to exert similar measures.

The recent measure taken by Barclays would affect more than 24 million customers worldwide. These customers are now unable to move their funds to Binance to buy cryptocurrencies. While the company has no offices in the UK, it uses a series of payment processors to route fiat money from its customers to its platform. Reports note that these affiliates would not be able to process these payments now.

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