Barclays Bank decided to prohibit its British customers to translate funds to the BINANCE cryptocurrency exchange, explaining this intention to protect customer money, reports Financial Times. Exit funds from the exchange at the same time may still be explained in a credit institution.
Last month, the Great Britain’s power banned Binance to conduct cryptocurrency operations in the country and limited its financial activity, in particular, on the organization of investment transactions. BINANCE did not cope in order to follow the compliance of their regulatory requirements, several sources of Financial Times said. The representative of the payment company, who previously helped the exchange to interact with the financial market, noticed that she was “banging with his money laundering policies”, but not ready to allocate resources to monitor compliance with laws and requirements.
Now regulators worldwide focused on tracking payments between the cryptocurrency and traditional financial system, imposing efforts to protect consumers and combat money laundering. In Britain, only five cryptocompany managed to receive financial regulation management (FCA) permission required to continue work, and dozens of organizations still expect it.
About 2.3 million British ownership of the regulator, cryptocurrency, and mainly they use such offshore exchanges like Binance. At the same time, foreign platforms should not be registered in the FCA, and this complicates the situation for banks that need to make decisions about the translations of their customers.
National Westminster Bank earlier stated that he blocked payments to some firms working with cryptocurrency assets, noting the “significant level of damage fraud” for its customers. In the bank, Santander reported that they revise their position in relation to the translations “unregulated cryptocurrency exchanges”.
Binance work in Britain banned at the end of June.
Problems have the stock exchange in other countries. In particular, in May, the investigation in relation to Binance began in the United States, and in Japan in June accused the stock exchange in the fact that it operates in the country without a license.
Against the background of solving the British authorities and the simultaneous efforts of China to tighten the regulation in the field of cryptocurrency, risks arise for their value. So, by the end of the first half of the year almost half of its maximum cost recorded in April, lost Bitcoin.