Barclays’ decision to stop facilitating British customers’ payments to Binance has been met with criticism by the cryptocurrency exchange after a spokesperson told that the bank acted with “an inaccurate understanding of events.”
“We are disappointed that Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events,” the spokesperson said, referring to a recent edict by the United Kingdom’s Financial Conduct Authority, or FCA, barring Binance Markets Limited from operating in the country.
“The FCA notice relates to [Binance Markets Limited], which is a company incorporated in the UK and regulated by FCA,” the spokesperson said, adding that BML is a separate legal entity that doesn’t offer any products or services through the main Binance website.
The FCA notice had no bearing on user deposits on the main Binance website, the spokesperson said, adding that, “We have always taken the security of our users’ money very seriously.”
Binance said it welcomes open dialogue with Barclays to discuss the matter further:
“We take our compliance obligations very seriously, and we are committed to working collaboratively with regulators to shape policies that protect consumers, encourage innovation, and move our industry forward.”
Binance has been caught in the regulatory crossfire as of late, with several jurisdictions around the world taking stricter measures to limit the exchange’s operations. Over the past two weeks, financial regulators in Japan and the United Kingdom have warned users about Binance’s regulatory status in their respective countries. Meanwhile, Binance announced it would no longer operate in the Canadian province of Ontario after regulators there implemented stricter regulations targeting cryptocurrency exchanges.