U.K. bank Barclays said Monday it has stopped facilitating customers deposit transactions with their debit and credit cards to crypto exchange Binance following the FCA’s announcement that Binance cannot conduct regulated activities in the country.
The bank has been contacting customers who have used their cards on Binance this year advising them that it is stopping payments until further notice, according to tweets. The action however, does not impact customers ability to withdraw funds from Binance.
Barclays’ decision has been met with criticism by the cryptocurrency exchange after a Binance spokesperson reiterated that the Financial Conduct Authority’s recent edict only applied to Binance Markets Limited, or BML, which is a separate legal entity from the main global exchange that operates through Binance.com.
“We are disappointed that Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events.”
“The FCA notice relates to [Binance Markets Limited], which is a company incorporated in the UK and regulated by FCA.”
Binance said it welcomes open dialogue with Barclays to discuss the matter further.