British bank Barclays stops payments

The Binance crypto exchange is getting more and more problems. The British bank Barclays has informed its customers that it would no longer make payments there. There seems to be more than a temporary security measure behind this.

The crypto exchange Binance is getting more and more on the collar. In the meantime, several regulatory authorities around the world have announced that the company does not have an official license to trade in crypto assets – bans threaten. Now the major British bank Barclays is also distancing itself. She has informed her customers that she will no longer allow payments to be made to Binance.

Effective July 4th, Barclays intends to stop credit and debit card payments to Binance. However, this action does not affect the customers’ ability to withdraw money from Binance

According to an email from the company to the crypto portal CoinDesk is present. Individual reports from users last week had already informed about this step. There were quite a few on Twitter of the news sharedthat Barclays customers received from their bank.

Since you made a payment to Binance this year, we wanted to let you know that we are stopping credit / debit card payments there until further notice. We do this to keep your money safe

, so the wording of such a message. Many Twitter users among the posts of the notified Barclays customers reacted with frustration and aggression.

Barclays directs customers to the FCA website

The bank has already responded to the flood of negative comments. The bank’s social media pages link to the website of the Financial Conduct Authority (FCA) of the United Kingdom for “more information on Binance and investing in crypto assets in general”. Shortly before, the FCA announced that Binance would not be allowed to conduct regulated activities in the UK. Other authorities on other continents, including Japan and Canada, have issued similar warnings in the past few weeks. In Thailand, Binance was even threatened with criminal consequences.

But not only Barclays, other British banks have switched to a kind of security mode when it comes to crypto exchanges. According to media reports banks like Monzo and Starling also prevented their customers from transferring money to cryptocurrency platforms like Binance and SwissBorg. These customers also express their displeasure and feel patronized.

Does anyone know a bank that I can switch to and that doesn’t act like Big Brother to me?

, according to a SwissBorg customer, alluding to George Orwell’s dystopia 1984. The online-only bank Starling even went so far as to suspend all payments to cryptocurrency exchanges after claiming that such a transaction had “a high level of suspicion of financial crime”.