UK banks and payment providers continue to take action against Binance after the FCA warned and banned its UK unit, Binance Markets Limited.
Since mid-July, UK customers of Binance, the world’s largest crypto exchange, have been unable to make ‘fiat’ withdrawals in GBP from their Binance accounts.
HSBC, a British multinational bank, said on Monday, August 2, that it would no longer facilitate credit card payments to Binance.
The Financial Conduct Regulator (FCA), the UK’s main financial auditing authority, warned consumers on June 26 that Binance’s UK operations arm “is not permitted to undertake any regulated activity in the UK.”
Since the FCA’s warning about Binance’s safety and security, customers, regulators, and banks have been paying closer attention to the firm.
As a result, state authorities throughout the world have taken a number of steps to combat crypto’s quick ascent and central role in growing channels for money laundering and organised crime.
Another day another ban and crypto lovers are not happy over the news.
Targeting banks, A user tweeted that “The most corrupted are the banksters”.
Supporting the act, A user tweeted “HSBC just suspended payments to binance… the sooner they understand that crypto can not be regulated the better.”
People started switching banks too, and it seems funny that banks are loosing customers after banning a cryptocurrency exchange.
Binance Markets Limited, a UK-based company, has also been obliged to suspend all advertising and promotions by June 30 due to the restriction.
The FCA statement requires Binance to issue a notice on its UK website. Bitcoin, Dogecoin, and Ethereum are just a few of the cryptocurrencies that have raised the FCA’s eyebrows due to the proliferation of social media scams.
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