HSBC UK Blocks Payments to Binance Exchange
4 d ago•2 min read•Regulation
HSBC is blocking U.K. customers from using credit cards to make payments to crypto exchange Binance “wherever possible,” the banking giant said Tuesday.
The decision follows the U.K. Financial Conduct Authority's (FCA) June announcement that Binance was not 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. A spokesperson from HSBC confirmed, “We have communicated to HSBC UK customers about changes in this [crypto] space that may impact them.” “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,” a spokesperson from HSBC said. In July, U.K. bank Barclays and Spanish banking giant Banco Santander also blocked payments to Binance for U.K. customers, following several other British banks in blacklisting 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.