Home Markets Barclays stops UK clients from sending funds to Binance

Barclays stops UK clients from sending funds to Binance

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Barclays has stopped UK customers from transferring funds to Binance after the Financial Conduct Authority last month said the digital asset exchange was not authorised to undertake crypto business within UK borders.

The London-based bank on Monday notified clients of the prohibition on debit and credit payments to Binance, which it said would start immediately and was intended “to help to keep your money safe”.

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

Barclays’ decision comes as UK lenders are grappling with the extent to which they should let clients move funds to and from crypto exchanges over concerns about a lack of regulatory oversight over the sector and widely varying compliance standards among exchanges.

The UK regulator last month issued a formal consumer warning about Binance,

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