Barclays' decision to stop facilitating payments from British customers to Binance was criticized by the crypto exchange, after a spokesperson for the exchange said the bank acted with an inaccurate understanding of events.
We are disappointed that Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events,' the spokesperson told Coin Telegraph. A recent ordinance from the UK's Financial Conduct Authority, or FCA, bars Binance Markets Limited from operating in the country.
The FCA spokesperson clarified: The FCA's notice relates to [Binance Markets Limited], a company incorporated in the United Kingdom and regulated by the FCA UK financials, adding that BML is a separate legal entity that does not offer any products or services through Binance.
The FCA spokesperson added that the FCA notice had no effect on users' deposits on the main Binance website, adding: "We have always taken the security of our users' funds very seriously." .
Binance said it would welcome an open dialogue with Barclays to discuss the matter further: We take our compliance obligations seriously, and are committed to working collaboratively with regulators to shape policy. that protect consumers, encourage innovation and move our industry forward.
Binance has recently been in the crosshairs of regulatory fire, with several jurisdictions around the world taking tougher measures to limit the exchange's operations. Over the past two weeks, financial regulators in Japan and the United Kingdom have warned users about the regulatory status of Binance in their own countries.
Meanwhile, Binance announced that it would no longer operate in the Canadian province of Ontario after regulators there implemented stricter regulations targeting crypto exchanges
