Barclays suspends UK card payments to Binance as crackdown continues

Karthik Subramanian

Barclays has suspended all card payments from the UK, both debit and debit card payments, to the major crypto exchange Binance as it cites the announcement made by the Financial Conduct Authority regarding Binance operations in the UK.

We had earlier reported that Binance was not allowed to operate in the UK, as the FCA said that neither Binance nor any of its associated entities hold any sort of license to carry out crypto operations in the UK. The UK had also banned crypto derivatives products and a large part of Binance’s business revolves around futures and options trading in crypto.

Binance had acquired BML in May 2020 but it has not followed up with any action to use its regulatory permissions nor formally launch its UK operations as yet. It is not yet clear why it has chosen not to do so but it could be related to the various regulatory conditions that it has to meet to begin its operations in the UK.

Barclays has chosen to abide by the decision of the FCA and has hence sent a message to its customers announcing the suspension of deposits via the UK credit and debit cards. The bank also said that withdrawals continue to be permitted as it does not want to put the client funds at risk following the warning from the FCA.

Recently, Natwest had also suspended its payments services for a specific set of crypto firms while Santander is also reported to be mulling similar measures. The crypto market in the UK continues to be murky as there is still not much clarity on what is allowed and what isn’t and it is also not sure which way the regulators would choose to go in the short and long term. Different countries have been taking different stances about the crypto ecosystem and the situation continues to be fluid in many countries.

But many of the crypto exchanges and firms have taken these setbacks in their stride and continue to build for the ecosystem while regulators in different countries continue to mull their various options and see how this can be handled in the best manner possible with the introduction of digital currency continuing to be a priority for many banks while at the same time controlling money laundering is also something that the regulators need to take care of. It is this combination of 2 extremes that seems to be the challenge for all regulators.

Read this next

Digital Assets

Celsius to repay +70% of custody account holders’ claims

A New York bankruptcy judge today approved a deal struck between troubled crypto lender Celsius Network and its “custody account holders” that will allow them to begin immediate withdrawals of 72.5% of their claims.

Retail FX

eToro revenue halves in 2022, valuation drops to $3.5 billion

Israeli social trading network eToro today reported financial results for the financial year ended December 31, 2022.


Investors transfers $424 million out of bitcoin funds in six weeks

Despite bitcoin’s decent surge last week, which took the primary cryptocurrency up 70% from the year’s low, digital asset investment products saw outflows for the 6th consecutive week.

Digital Assets

OKX has $9 billion in ‘clean assets’, shows latest proof of reserves

OKX, formerly known as OKEx, has released its fifth proof-of-reserves report amid increasing demand of crypto investors asking for transparency from exchanges they trade with.

Digital Assets

Circle seeks France license to launch Euro stablecoin

Circle, the issuer of the second-largest stablecoin by market capitalization, is seeking to get a dual registration in France as it aims to on-shore its flagship product for the European market – EUROC – a reserve-backed stablecoin.

Digital Assets Among Minority of Successful Companies to Renew Coveted Estonian License has successfully renewed its virtual currency service license from Estonia’s FIU for the third year in a row, despite regulatory changes that have made it harder for virtual asset providers to meet the required standards.

Inside View, Institutional FX

Time for brokers to add options trading as volumes explode on high volatility

“Usually, adding options to the typical CFDs and equities offering leads to fragmentation of the platform technology as many brokers will need additional back-end and front-end components, and that could be an important barrier for them. Apart from that, legal hassle and costs associated with proper licensing of market data could be a barrier at first. We are seeing this trend among market data vendors and exchanges to make it easier and more affordable.”

Metaverse Gaming NFT

GCEX’s DeFi education and prime brokerage offering available in DubaiVerse

“We are excited to be part of the developments of The Sandbox and to join other top players in the region, including our regulator, Dubai’s Virtual Asset Regulatory Authority (VARA), as part of the DubaiVerse. This is a great opportunity to bridge the gap between Web3 early adopters and GCEX clients, building a community around Web3 and digital assets.”

Digital Assets

Circle wants Fed to back USDC stablecoin after “very serious stress test” with collapse of SVB

The collapse of Silicon Valley Bank allegedly proves Circle’s point that there is a need for its USDC stablecoin to be backed by the U.S. Federal Reserve with its U.S. dollars held at the Fed.