UK-based bank Barclays has just announced it has suspended all transfers to cryptocurrency exchange Binance “to protect its clients’ money,” the bank has reported via Twitter.
As a result of the ban, Barclays clients can no longer user their credit or debit cards to deposit funds in the trading platform.
We should remember that the decision of the bank comes just a few weeks after the British financial regulator, the FCA, banned Binance from offering any regulated services in the country as it lacked the necessary license.
Barclays has argued it has taken the decision because “it’s our responsibility to help protect your money. With this in mind we’ve taken the decision to stop payments made by credit/debit card to Binance until further notice, to help keep your money safe.”
Binance is facing problems in different jurisdictions, including the Cayman Islands and Singapur.