Barclays suspends all card payments to Binance crypto-trading platform

Barclays suspends all card payments to Binance crypto-trading platform

 · 3 min read
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It has been announced that Barclays has suspended all debit and credit card payments to the crypto-trading platform, Binance. The suspension came into play at the start of this week, with the banking giant citing a notice from the UK’s financial regulator, the Financial Conduct Authority.

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Banking giant Barclays has stopped all card payments to the cryptocurrency exchange platform, Binance. Barclays informed customers of its decision to suspend credit and debit card payments to the platform by text message at the start of this week.

Barclays customers can no longer make payments to Binance as long as the suspension remains in place. According to the text message, Barclays decided to stop payments to the platform based on a notice from the Financial Conduct Authority (FCA).

The message sent to customers read, "As you've made a payment to Binance this year, we wanted to let you know that we're stopping payments made by credit/debit card to them until further notice. This is to help keep your money safe."

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Binance ordered to stop regulated operations

The move comes after Binance was ordered to stop any regulated operations by the FCA on 26th June. It meant that Binance Markets, its only UK-regulated platform, cannot offer crypto derivatives.

Officials from Binance have confirmed that the services offered on its website are not affected by the move. In addition, Barclays has assured customers that they can still withdraw funds from Binance, as the decision only affects payments being made.

Frustration among customers

The decision to suspend payments has sparked anger and frustration among many Barclays customers, with many taking to social media. Some have even said they will close their accounts with the banking giant because of the suspension. Many believe Barclays is making this move to protect its own investment business and prevent its customers from investing and paying fees to other investment platforms.

In the meantime, Barclays has stated it will be reviewing the restrictions in terms of how long they remain in place. However, officials from the bank also said that the safety of customers' money was its priority when making any decisions.

Binance commented on the situation via social media, with one tweet that expressed disappointment over partners taking actions such as this "based on what appears to be an inaccurate understanding of events."

Speculation has also arisen over whether this could be part of a broader crackdown on crypto platforms by financial regulators.

Image Credit: Rubaitul Azad at Unsplash

Reno Charlton
Reno Charlton
Reno joined Age Group in 2020 and has nearly 20 years of writing experience. Although she specialises in writing about finance topics and covering finance news, Reno is also a published author and has written several children's books and short stories.
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