UK Bank Barclays Blocks Payments to Binance

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

AccessTimeIconJul 5, 2021 at 3:30 p.m. UTC
Updated Sep 14, 2021 at 1:20 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about