Binance is displeased with Barclays’ “unilateral action” in blocking client payments.
In an interview with Cointelegraph, a representative from Binance emphasised that the Financial Conduct Authority’s latest edict only applied to Binance Markets Limited, or BML, which is a distinct legal company from the primary global exchange that operates via the domain name Binance.
Binance has expressed dissatisfaction with Barclays’ decision to cease processing payments to the cryptocurrency exchange from British clients after a representative for the exchange told Cointelegraph that the bank acted based on “an inaccurate understanding of the circumstances.”
In response to a recent edict by the United Kingdom’s Financial Conduct Authority, or FCA, prohibiting Binance Markets Limited from operating in the country, a Barclays spokesperson stated, “We are disappointed that Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events.”
Binance Markets Limited (BML) is a separate legal entity from the main Binance website, according to a representative from the Financial Conduct Authority.
BML does not provide any products or services through the main Binance website, according to the representative from the Financial Conduct Authority.
According to the spokesman, the FCA warning had no impact on user deposits on the main Binance website, and that the company has always taken the security of its customers’ money “extremely seriously.”
Binance said that it would welcome an open conversation with Barclays to further explore the matter:
Our compliance responsibilities are taken extremely seriously, and we are dedicated to working cooperatively with regulators to create regulations that protect consumers, promote innovation, and advance our industry.
Binance has found itself in the middle of a regulatory firestorm in recent months, with many countries across the globe enacting tighter regulations to curtail the exchange’s activities.
Users in Japan and the United Kingdom have been cautioned about Binance’s regulatory status in their respective countries during the last two weeks, according to banking authorities in both nations.
Meanwhile, Binance stated that it will cease operations in the Canadian province of Ontario as a result of new restrictions aimed specifically at cryptocurrency exchanges imposed by the province’s authorities.