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HSBC UK Blocks Payments to Binance Exchange
The move follows the FCA's announcement that Binance cannot conduct regulated activities in the country.
Updated Sep 14, 2021, 1:34 p.m. Published Aug 3, 2021, 11:53 a.m.
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HSBC is blocking its U.K. customers from using credit cards to make payments to crypto exchange Binance "wherever possible," the banking giant said Tuesday.
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- The decision follows the U.K. Financial Conduct Authority's (FCA) announcement in June that Binance isn't allowed to conduct any regulated activities in the country.
- HSBC has been contacting customers advising them to stop payments until further notice, according to tweets.
- “We have communicated to HSBC U.K. customers about changes in this [crypto] space that may impact them," an HSBC spokesperson said.
- “We won’t comment on individual securities or cryptocurrency exchanges. We place particular emphasis on high anti-money-laundering (AML) and know-your-customer (KYC) standards, and are closely following developments, client demand and changing regulation in these markets,” the HSBC spokesperson added.
- In July, U.K. bank Barclays and Spanish banking giant Banco Santander also blocked payments to Binance for U.K. customers, after several other British banks in blacklisted the exchange.
- "We are disappointed that HSBC has taken this decision, and would welcome a dialogue to discuss any concerns that they have,” a spokesperson from Binance told CoinDesk.
- “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," the spokesperson said.
Read more: Binance Not Authorized to Operate in the Cayman Islands, Regulator Says
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