![]() We take our compliance obligations very seriously, and we are committed to working collaboratively with regulators to shape policies that protect consumers, encourage innovation and advance the industry.”īarclays is the 18th largest bank in the world, with roughly $1.86 trillion in assets. BML is a separate legal entity and does not offer any products or services via … “The FCA notice relates to BML, which is a company incorporated in the UK and regulated by the FCA. “It’s disappointing to learn that some partners are taking unilateral action to stop servicing Binance users based on what appears to be an inaccurate understanding of events.”īinance claims that BML, the subject of the FCA’s consumer warning, is a separate entity fully regulated in the UK. In response, Binance says Barclays issued the ban without fully understanding the directives from the FCA. The bank’s customer support account on Twitter echoes the message, saying that they are stopping payments to Binance to “help keep your money safe.”īarclays’ decision comes shortly after the UK’s Financial Conduct Authority (FCA) stated in a consumer warning that Binance Markets Limited (BML) is not permitted to operate in the UK unless with prior written permission from the FCA. We’re sorry for any disruption this may cause you. For further info, please search FCA Binance online. Barclays stops UK card payments to Binance 05 July 2021 18 17 14 Barclays has suspended debit and credit card payments from UK customers to Binance, citing recent Financial Conduct. 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.“As you’ve made a payment to Binance this year, we wanted to let you know that we’re stopping payments made by credit/debit card to them until further notice. 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. Binance. 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. The move was prompted by the FCA announcing that Binance isn’t authorised to carry out business with the crypto field in the UK. 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. Customers at Barclays have been barred from making deposits to Binance this week. 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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