HSBC becomes the latest bank to blocks payment channels of Binance Crypto Exchange for its UK customers. Banks in the United Kingdom continue to eliminate on Binance cryptocurrency exchange. A series of HSBC clients reported on Twitter this Monday that HSBC UK had suspended credit card payments to Binance.
According to an announcement on the service suspension, HSBC UK made the decision “due to concerns about possible risks” to its customers. “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 bank wrote.
HSBC UK cited a recent warning on Binance by the U.K. FCA raising concerns on the regulatory status of Binance in the country. “This also explains some of the risks of investing in crypto-assets should this go wrong,” the bank noted. Binance representatives said that the FCA’s warning only applied to Binance Markets Limited, a separate legal entity from the main global exchange that operates through Binance.com.
“We are disappointed that HSBC has taken this decision and would welcome a dialogue to discuss any concerns that they have,” a Binance spokesperson told. The representative added that the exchange is taking its obligations very seriously as Binance is “committed to working collaboratively with regulators to shape policies that protect consumers, encourage innovation, and move our industry forward.”
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