British multinational bank Barclays has confirmed that it has stopped customers from using their bank cards to access the Binance crypto exchange.
As a result, debit and credit card holders will no longer be able to make deposits to the website.
In a statement, Barclays said: “As you've made a payment to Binance this year, we wanted to let you know that we're stopping payments made by credit/debit card to them until further notice. This is to help keep your money safe. For further info, please search FCA Binance online. We're sorry for any disruption this may cause you.”
The statement elicited a strong response from customers. One Mr Lee argued that Barclays was wrong to tell consumers how to use their money or where. The negative feedback continued to climb up on social media on the day of the announcement.
Barclays' decision comes as part of a broader context whereby the financial institution is complying with the Financial Conduct Authority which issued a warning that Binance Markets Limited (BML), Binance Group's British subsidiary is not allowed to offer regulated financial services in the UK.
Binance has dismissed this arguing that BML is an individual entity that is not related to Binance.com and as such, British customers may continue to access the website from the UK. Binance has faced regulatory pushback in Japan as well as Canada, the US, Thailand and the Caymans, but consumers do not seem to be taking it too well.