banking client, the of SEPA’s decision to prevent investors from moving money out of the banks and into has absolutely cost me hundreds, if not thousands, of pounds in investment,” Norfolk-St George said, adding that it prevented her from topping up her account and taking advantage of the recent price fluctuations in crypto markets. Related: Binance Pool to Halt BSV Mining Services at End of July Meanwhile, the European Union’s Single Euro Payments Area (SEPA) appeared to have also blocked payments to Binance.īinance is also shut off from the U.K.’s Faster Payments network. and Europe, like Cappella, are frustrated with the recent developments with Binance, but don’t feel they will have a lasting impact on the future of crypto in the region.įor instance, Llovonne Norfolk-St George, a U.K.-based swimming teacher turned crypto day trader, says she has not been able to deposit any funds to Binance since June 28.Īfter the U.K’s Financial Conduct Authority warned on June 26 that Binance’s global affiliate, Binance Markets Ltd., isn’t authorized to operate in the country, British banks Barclays, Santander and Clear Junction suspended payments to the crypto platform, while Nationwide said it is reviewing its policy on cryptocurrencies to help protect customers. The platform announced Friday that it will end support for tokens linked to stocks effective immediately. Related: EU Policymakers Propose Tighter Regulation of Crypto Transfersīinance, one of the largest crypto exchanges in the world, is facing heat from a number of regulators across the globe from the Cayman Islands to Thailand, with much of the scrutiny and restrictions concentrated in Europe and the U.K. “I read the news, and it’s not that great … ow I’m thinking of moving my funds out of Binance,” Cappella said. But since Thursday’s warning he’s not sure he wants to keep using the platform. had been using Binance for some time, certain it was safe and regulated. On the other hand, Binance Coin (BNB) was selling slightly under $300 at the time of publication, down about 24% over the past 30 days.On Thursday, Italy’s financial authority joined a growing list of regulators warning the cryptocurrency exchange Binance is not authorized to provide investment services in the country.įilippo Cappella, a 25-year-old full-time crypto investor based in Italy.
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Moreover, the FCA and Barclays’ restrictions on Binance activity in the UK are the latest in a series of regulatory actions against founder Changpeng Zhou’s liquidity market. Some British banks, Monzo and Starling, allegedly blocked payments to Binance and other crypto exchanges The warnings from FCA have alarmed other banks too. They also mentioned that the FCA’s injunction does not prevent from doing business with UK citizens. In a statement to users on July 1, Binance explained that BML is a separate business & legal entity. “Be wary of adverts online and on social media promising high returns on investments in a crypto asset or crypto asset-related products… While we don’t regulate crypto assets like Bitcoin or Ether, we do regulate certain crypto-asset derivatives (such as futures contracts, contracts for difference and options), as well as those crypto assets we would consider ‘securities’ – find out more information.” Binance’s Explaination The British regulatory authorities additionally provided some essential advice on bitcoin investing: The prohibited areas include any regulated financial services in the United Kingdom. This warning mentioned that Binance Markets Limited will no longer be permitted to operate. The Financial Conduct Authority (FCA) issued a warning for customers on June 26. They can gain “further information on Binance and investing in crypto assets generally” through the FCA. According to the bank’s social media account manager, Binance customers can refer to the Financial Conduct Authority’s website. On Twitter, Barclays is in damage control mode as dissatisfied customers show their displeasure with the new policy. According to Barclays, cardholders are prohibited from using Barclays debit and credit cards to make payments to Binance. Over the last week, customers have reported that Barclays, a British multinational universal bank, restricting payments to the Binance cryptocurrency exchange.
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