HSBC Blocks U.K. Users From Binance Exchange Payments.

HSBC Blocks U.K. Users From Binance Exchange Payments.

2021-08-03 | Mike Hallen

HSBC Blocks U.K. Users From Binance Exchange Payments.

HSBC blocks its United Kingdom-based users from using credit cards to make payments to cryptocurrency exchange Binance “wherever possible,” the leading bank added earlier today on Tuesday. The decision permits the U.K. FCA [Financial Conduct Authority's] announcement earlier in June that Binance isn't permitted to conduct any regulated activities within the country. HSBC has been contacting users advising them to prevent payments until further notice, consistent with tweets.
“We have communicated to HSBC U.K. users about changes within this [crypto] ecosystem which will impact them," an HSBC spokesperson outlined.
“We won’t discuss individual securities or crypto exchanges. We place particular emphasis on high AML [Anti-money-laundering] and KYC [Know-your-customer] standards, and are closely following developments, client demand, and changing regulation in these markets,” the HSBC spokesperson explained. Earlier in July, U.K. bank Barclays and Spanish banking giant Banco Santander also blocked payments to Binance for U.K.-based users, after several other British banks blacklisted the cryptocurrency exchange.
"We are disappointed that HSBC has taken this decision, and would welcome a dialogue to debate any concerns that they need,” a spokesperson from Binance revealed.
“We take our compliance obligations very seriously, and that we are committed to working collaboratively with regulators to shape policies that secure users, encourage innovation, and move our industry forward," the spokesperson outlined.

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