HSBC becomes the latest bank to suspend credit card payments to Binance in the UK. The bank pointed to potential risks to clients as a reason for implementing the restriction.
«We have made this decision because of concerns about the possible risks to you. We are suspending payments to Binance».
Specifically, HSBC bank is preventing its UK customers from using credit cards to make payments to crypto exchange Binance “whenever possible.”
It is worth noting that the measure follows the announcement by the UK’s Financial Conduct Authority (FCA). That Binance cannot carry out regulated activities in the country.
As a curious fact, HSBC is not the only bank to take this measure. Last month, Barclays and Santander also blocked payments to Binance for UK customers. All this, after other British banks blacklisted the exchange.
HSBC blocks payments to crypto exchange Binance
Very important, it is not HSBC’s first move against the crypto ecosystem. In January, it blocked cryptocurrency-related transactions in the UK. Also, in May he confirmed that he was not interested in Bitcoin as an asset class.
To this end, HSBC has been contacting customers to advise them to suspend payments until further notice. Likewise, it prohibits payment to Binance with your credit cards.
«We have communicated to HSBC clients about changes in this crypto space that may affect them. And, we are closely monitoring developments, customer demand, and changing regulation in these markets.».
He also added: «We take our duty as a responsible lender very seriously. And we want to do everything we can to protect it. We will continue to monitor the situation and inform you if something changes».
In this regard, a Binance spokesperson stated: «We are disappointed that HSBC made this decision and would welcome a dialogue to discuss any concerns you have.».
In addition, he added: «We take our compliance obligations very seriously. And we are committed to working collaboratively with regulators to shape policies that protect consumers, foster innovation, and advance our industry.».
Finally, in recent months, Binance has faced increasing regulatory pressure around the world, what do you think HSBC suspends payments to Binance? Let us know in the comment box.
I retire with this phrase by Joseph Eugene Stiglitz: «When banks run the risk of bankruptcy, their managers behave in a way that risks taxpayers losing even more money».