Denial of Service: Barclays has banned UK clients from sending funds to BinanceOne of the largest financial conglomerates in the world, Barclays, banned its customers in the UK to send money transfers (deposits) to a dubious casino called Binance. This was preceded by a notice from the country's Financial Conduct Authority (FCA) stating that the company did not have its cryptocurrency authorization and was not regulated by the UK Financial Conduct Authority (FCA):
On July 5, 2021, the bank notified customers that they could not transfer money to Binance from their debit and credit cards, personal, checking or corporate accounts. The decision is effective immediately and is intended to "help keep your money safe," according to a text message sent to the bank's customers who have made deposits to Binance this year.
"This measure does not apply to customers' ability to withdraw funds from Binance," Barclays wrote. - The decision was made after an FCA warning to consumers."
An executive at one of the payment companies that helped Binance stay connected to the broader financial marketplace said the exchange was "shaking up the air regarding anti-money laundering rules and customer identification, but resisted devoting human resources to compliance issues." Binance's claims about the lack of attention to the legal aspect of its activities called "categorically untrue," Binance employees will continue to lie and deceive users and financial regulators around the world.
Last week, British bank NatWest announced it was blocking payments for "a small number of firms in the digital asset space where we have seen particularly high levels of fraud-related harm to our customers." Santander Bank also said it would review the treatment of payments sent to unregulated crypto exchanges. HSBC declined to comment on its relationship with individual companies, but said it is "closely monitoring developments and regulatory changes in these markets." Lloyds said it does not allow cryptocurrency-related credit card transactions and checks such transactions for fraud, including those related to Binance. NatWest also lowered its daily deposit limit for cryptocurrency companies because of the "high level of investment fraud in this area."
And in general, Binance is doing very, very badly, starting with a ban in the UK, the risk of a class action lawsuit from traders in Australia, a class action lawsuit in Italy (already filed), an investigation by the Cayman Islands Financial Regulator (CIMA), and an uncertain status in Singapore. Added oil to the fire by the Securities and Exchange Commission (SEC) of Thailand: Criminal complaint against Binance, rejection by Faster Payments and iDeal, rejection by TSB UK and the US Silvergate Bank.