HSBC Reportedly Blocks Credit Card Payments to Binance in the UK

British multinational bank HSBC is reportedly suspending credit card payments to cryptocurrency exchange Binance.

The move follows a crackdown by the UK’s Financial Conduct Authority (FCA), which recently said Binance is not allowed to launch regulated activities in the country without written approval.

Word of HSBC’s suspension spread on Twitter, with the popular trader CryptoWhale posting a screenshot of a message that he says came from the banking giant. HSBC says that it’s stopping credit card payments to Binance due to “concerns about the possible risks.” In the message, HSBC allegedly cites a warning on the regulatory status of Binance issued by the Financial Conduct Authority (FCA) in June.

“We wanted to let you know we’re stopping payments from our credit cards to Binance wherever possible. We’ve made this decision due to concerns about the possible risks to you. We take our duty as a responsible lender seriously and want to do everything we can to protect you. We’ll continue to monitor the situation and let you know if anything changes.

The FCA has recently issued a warning to consumers on the regulatory status of Binance in the UK. This also explains some of the risks of investing in cryptoassets should things go wrong.”

In early July, financial giant Barclays also announced it would be halting all credit and debit card payments to Binance in order to protect its clients’ money.

Barclays’ move was followed by retail and commercial bank Santander UK, which said it would be blocking payments from customer accounts to Binance.

“We want to let you know that we’ll be stopping payments from Santander accounts to Binance wherever possible. This follows the Financial Conduct Authority’s recent warning to consumers and is to help protect you from fraud. For now, we won’t be restricting payments from Binance into your account(s).”

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Source: https://dailyhodl.com/2021/08/05/hsbc-reportedly-blocks-credit-card-payments-to-binance-in-the-uk/