Barclays, one of the largest British banks by assets, has stopped wire transfers to the Binance cryptocurrency exchange, the Financial Times has learned. The London-based bank said the reason for ban is related with desire to help to keep user's money "safe."
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"This action does not impact on the ability for customers to withdraw funds from Binance. The decision has been taken following the FCA warning to consumers," the bank said.
Barclays’ ban comes after the UK Financial Conduct Authority (FCA) banned Binance's UK subsidiary from any regulated activity without prior written approval from the regulator. In the warning, the regulator noted that Binance Markets Limited is part of the Binance Group.
The watchdog added that Binance Markets Limited and Binance Group are not licensed to conduct regulated activities in the UK, however, they offer a number of services to UK residents.
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