Barclays’ choice to cease facilitating British clients’ payments to Binance has been met with criticism by the cryptocurrency alternate after a spokesperson instructed Cointelegraph that the financial institution acted with “an inaccurate understanding of events.”
“We’re disappointed that Barclays seems to have taken unilateral motion primarily based on what seems to be an inaccurate understanding of occasions,” the spokesperson stated, referring to a latest edict by the UK’s Monetary Conduct Authority, or FCA, barring Binance Markets Restricted from working within the nation.
“The FCA notice relates to [Binance Markets Limited], which is a company incorporated in the UK and regulated by FCA,” the spokesperson stated, including that BML is a separate authorized entity that doesn’t provide any services or products via the primary Binance web site.
The FCA discover had no bearing on consumer deposits on the primary Binance web site, the spokesperson stated, including that, “We have always taken the security of our users’ money very seriously.”
Binance stated it welcomes open dialogue with Barclays to focus on the matter additional:
“We take our compliance obligations very critically, and we’re dedicated to working collaboratively with regulators to form insurance policies that defend shoppers, encourage innovation, and transfer our business ahead.”
Associated: Binance faces regulatory upheaval as lawmakers goal ‘global’ exchanges
Binance has been caught within the regulatory crossfire as of late, with a number of jurisdictions around the globe taking stricter measures to restrict the alternate’s operations. Over the previous two weeks, monetary regulators in Japan and the UK have warned customers about Binance’s regulatory standing of their respective international locations. In the meantime, Binance introduced it might now not function within the Canadian province of Ontario after regulators there carried out stricter laws concentrating on cryptocurrency exchanges.