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Binance On Barclay’s Decision To Block Customer Payments

Barclays has been met with criticism from the cryptocurrency exchange Binance over the bank’s decision to stop facilitating British customer’s payments to the exchange. A spokesperson for the exchange stated the exchange’s views on the matter to Cointelegraph, stating the bank acted with an inaccurate understanding of events.

Binance has shown their disappointment with Barclay’s decision. According to Binance’s spokesperson, Barclays took unilateral action based on an inaccurate understanding of events based on what the spokesperson stated. The statement was a reference to the recent announcement made by the U.K’s Financial Conduct Authority (FCA) to bar Binance Markets Limited from operating in the country.

The spokesperson added that the FCA’s notice related to Binance had been incorporated in the U.K and is regulated by the FCA. Therefore, Binance Markets Limited is a separate legal entity and does not offer its products and services through the main website, the spokesperson stated.

The spokesperson also stated that the FCA had no hold over user’s deposits on Binance’s main website. Binance has also prioritized the safety and the security of its user’s money quite seriously, according to the spokesperson.
Binance stated it welcomes Barclays to open dialogue and discuss matters further. The exchange firm stated their compliance obligations, and commitment to collaborate with regulatory authorities and establish policies that protect consumers, encourage innovations and drive the industry forward.

Binance has met heat from regulatory agencies as of late and has been caught in the crossfire by several jurisdictions around the globe that have imposed strict measures to limit the company’s operations. Financial regulators in Japan and the U.K have warned users about the company’s regulatory status in the past two weeks, while Binance announced its withdrawal from operating in Ontario, Canada due to strict regulations.

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