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.

“This action does not affect the ability of clients to withdraw funds from Binance,” 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.

“We are looking for builders who want to create products that will advance the global crypto-economy,” 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.”



About the study: UK consumers see local purchases as essential for both supporting the economy and preserving the environment, but many local High Street businesses are struggling to get them in. In the new Making Loyalty Work For Small Businesses study, PYMNTS surveys 1,115 UK consumers to find out how offering personalized loyalty programs can help engage new High Street shoppers.

Leave A Reply

Your email address will not be published.