Crypto News

HSBC Blocks UK Customers from Making Payments to Binance


HSBC, which is notoriously known for its anti-crypto stance, is blocking the United Kingdom customers from using bank-issued credit cards in making payments on crypto exchange Binance.

Though first pointed out by multiple bank customers on Twitter, the British bank earlier today confirmed the change on crypto payments but did not specify Binance.

“We have communicated to HSBC U.K. customers about changes in this [crypto] space that may impact them,” an HSBC spokesperson told crypto-focused publication Coindesk.

“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.”

Banks and Regulators against Binance 

According to the notices sent to HSBC UK customers, the bank is pointing out an earlier warning issued by the Financial Conduct Authority (FCA) against a local subsidiary of Binance. Then, the financial markets watchdog highlighted the regulatory status of the exchange and stated that it is not permitted to operate in the country.

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Binance, however, told Finance Magnates that FCA only flagged Binance Markets Limited, a separate legal entity from Binance.com, and the primary exchange can still operate in the country.

The latest banking crackdown is not the only one Binance is facing in the UK. Earlier, Barclays and the British unit of Banco Santander prohibited their customers from sending money to the crypto exchange.

“We are disappointed that HSBC has taken this decision, and would welcome a dialogue to discuss any concerns that they have,” a Binance spokesperson told the crypto publication.

Meanwhile, more and more global financial markets regulators are coming out against Binance, either issuing warnings or even taking harsh enforcement actions in some cases. The exchange, along with its local subsidiary, is said to be facing a probe for facilitating money laundering in India.





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