HSBC Blocks UK Customers from Making Payments to Binance

HSBC, which is notoriously known for its anti-crypto stance, is blocking the United Kingdom customers from using bank-issued credit cards in making Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term on crypto exchange Binance.

Though first pointed out by multiple bank customers on Twitter, the British bank earlier today confirmed the change on crypto payments but did not specify Binance.

“We have communicated to HSBC U.K. customers about changes in this [crypto] space that may impact them,” an HSBC spokesperson told crypto-focused publication Coindesk.

“We won’t comment on individual securities or cryptocurrency exchanges. We place particular emphasis on high anti-money-laundering (AML) and Know Your Customer (KYC) Know Your Customer (KYC) Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Read this Term) standards, and are closely following developments, client demand, and changing regulation in these markets.”

Banks and Regulators against Binance

According to the notices sent to HSBC UK customers, the bank is pointing out an earlier warning issued by the Financial Conduct Authority (FCA) against a local subsidiary of Binance. Then, the financial markets watchdog highlighted the regulatory status of the exchange and stated that it is not permitted to operate in the country.

However, Binance told Finance Magnates that FCA only flagged Binance Markets Limited, a separate legal entity from Binance.com, and the primary exchange can still operate in the country.

The latest banking crackdown is not the only one Binance is facing in the UK. Earlier, Barclays and the British unit of Banco Santander prohibited their customers from sending money to the crypto exchange.

“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 crypto publication.

Meanwhile, more and more global financial markets regulators are coming out against Binance, either issuing warnings or even taking harsh enforcement actions in some cases. The exchange, along with its local subsidiary, is said to be facing a probe for facilitating money laundering in India.