UK banks suspend payments to Binance

Binance, the world’s largest crypto exchange, faces a string of hurdles related to payments and legal issues.

According to Bloomberg, Binance Holdings Limited, the controlling company of the whole group, is under the thorough supervision of diverse financial regulators. The crypto market is steadily coming out of the shadows and is why legal norms and requirements have become even tighter for crypto trading platforms. This has led to a bunch of inspections initiated by financial authorities of Singapore, Cayman Islands, Great Britain, etc.

As for the United Kingdom, the situation is the worst for the world-known crypto exchange. On June 28, the Financial Conduct Authority informed Binance that the crypto trading platform has no legal permission to offer services on the territory of the United Kingdom. The FCA highlighted that Binance Group had no appropriate license to access the British market.

Consequently, British largest banks decided to suspend their clients’ deposits to Binance. On July 5, Barclays announced that its clients would not be able to refill their Binance accounts through debit and credit cards. This trend was followed by the UK department of Santander. Meanwhile, withdrawals from Binance accounts are still available.

Furthermore, the exchange announced that SEPA transfers are temporarily not available for transfers. All deposits made through the SEPA system will be returned in 7 days. Binance has assured everyone that this measure resulted from outside factors.

From July 7 to July 12 Binance daily trading volumes have dropped by 41% to $9.6 billion.