Barclays bans UK clients from transferring funds to Binance
Barclays will not allow UK clients to transfer funds to Binance, writes the Financial Times (FT).
It comes as the Financial Conduct Authority (FCA) has said digital exchanges are not allowed to do crypto business in the UK, in an attempt to protect users’ money.
âThis action does not affect the ability of clients to withdraw funds from Binance,â the bank said. “The decision was made following the FCA warning to consumers.”
As Barclays makes its decision, UK lenders have taken a look at how they should deal with clients who want to work with transferring funds to and from crypto exchanges.
The problem, according to FT, is that there are concerns about a lack of regulatory oversight as well as varying compliance standards. Last month, a warning was issued regarding Binance in which the regulator banned it from carrying on financial activities, claiming it no longer had the authority to deal in crypto.
Coinbase is rolling out a new program in which it will offer $ 1,000 in crypto to new employees, according to a company blog post.
Called CIkka, the program is being implemented in the hope that it will inspire employees to use the money to learn more about crypto and thus continue to make money.
The blog says users are expected to use their new knowledge “to help us create the next generation of products that will delight our customers around the world.”
The company says the types of new employees it seeks are the ones that will drive economic freedom around the world.
âWe are looking for builders who want to create products that will advance the global crypto-economy,â the company said. “We have built a culture of sustained innovation in the company, illustrated by the 10% project, where we devote 10% of our resources to supporting major product bets.”