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Barclays uk binance binance8/15/2023 ![]() ![]() This is not the first time that a bank has blocked customers from transferring money to cryptocurrency exchanges and, in fact, major banking institutions in the UK have imposed restrictions on users from interacting with cryptoasset exchanges citing concerns due to fraud, money laundering and lack of transparency in this sector. ![]() Consumers will just be unable to make payments to Binance using credit and debit cards. What does this mean?īarclays have been clear that the action taken does not impact on the ability for consumers to withdraw funds from Binance. ![]() Binance have responded that “We are disappointed that Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events”. According to Financial News, this was by way of a text message to customers. It has been reported that Barclays Bank have subsequently informed customers that they would no longer be able to send credit and debit card payments to Binance following this warning by the FCA. Gherson’s white-collar crime team have also recently discussed issues with the regulations and have previously outlined the difficulties that have been faced in complying with these regulations. With regards to regulation, Gherson’s white-collar crime team have recently provided comments to Compliance Week for an article titled “ AML compliance proving tall hurdle for U.K crypto firms”. We also noted how the FCA does not specifically regulate crypto-currencies themselves but does require crypto exchanges in the UK to be regulated for anti-money laundering measures. Over the past month or so, a growing list of significant crypto firms, including Three Arrows Capital (3AC), Celsius, Vauld, and Zipmex, are facing insolvency-related issues, thereby severely undermining confidence in the industry.On 30 June 2021 we wrote a blog on how, by way of a Consumer warning on Binance Markets Limited and the Binance Group, the Financial Conduct Authority (“FCA”) has ruled that Binance Markets Limited is not permitted to undertake any regulated activity in the UK without the prior written consent of the FCA. For example, the cryptocurrency fear and greed index, a popular metric used to gauge investor attitude towards the market, still lies in the ‘fear’ zone. Market dynamics continue to remain shakyĭespite the above-stated news of Barclay’s making a sizable investment in Copper, the overall sentiment surrounding the crypto market continues to remain quite fragile. In 2018, the bank released a new venture arm with the aim of researching areas such as distributed ledgers and smart contracts. Barclays’ contentious relationship with cryptoīarclays has previously spoken out against the crypto industry on a number of occasions, with the lender even blocking clients from transacting with high-profile cryptocurrency exchanges, including Binance and Coinbase.Īdditionally, Barclays partnered with Circle in 2016 to release a payment application that allowed users to convert Bitcoin into U.K. ![]() The government body currently requires all crypto service providers to acquire a temporary registration to continue their day-to-day operations. It is pertinent to note that the company has not yet received a regulatory green light from the UK’s Financial Conduct Authority (FCA). However, the company has had to scale back its financial goals due to the ongoing bear market plaguing markets across the board. The company was launched in 2018 and has since been able to accrue investments from major venture capital firms, including LocalGlobe, Dawn Capital, and MMC Ventures.Įarlier reports suggest that Copper was looking to target a valuation of $3B following its latest fundraiser. Copper scales back on its $3B valuation goalĬopper operates as institutional custody, prime brokerage, and settlement firm catering to the needs of major market entities looking to deploy their money into various digital assets. Barclays is expected to invest a “modest” sum worth a few million dollars as part of the funding round, which will close within the next couple of days. Crypto custody firm Copper has raised significant capital from one of the U.K.’s largest banks, Barclays, which is looking to acquire a stake in the firm, Sky News reported.Ĭopper is a unicorn valued at roughly $2 billion and advised by former British Chancellor of the Exchequer Lord Hammond.Īccording to the report, the bank will work alongside a new crop of investors who will be joining Copper’s latest funding round. ![]()
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