A message from my bank saying they will not allow me to purchase from Binance

[NeuroticFish]

So I would say this is a deliberate, arbitrary choice of said institution.

That's correct. And OP has two obvious choices:
1. Give up Binance, at least for buying Bitcoin. Use a different exchange.
2. Give up that bank, it's not the only one in UK.

I don't use the same banking services for my monthly income and for crypto exactly for this kind of reasons: banks may - sooner or later - arbitrarily decide against Bitcoin and it's better to stay flexible.

[1715009105]

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[bakasabo]

Does this ban exposed to all UK banks so far only Barclays refuses do work with Binance? With such prohibition, is it hard for UK citizen to open an account in an abroad bank? Just change the bank. Does the scheme "withdraw fiat - buy crypto IRL" popular in UK ?

Btw, what about PayPal in UK? It is possible to buy crypto through PayPal with UK ip? Bank card is linked to PayPal. You just pay to PayPal and bank dont monitor what you buy later. Will it work ?

[davis196]

So I would say this is a deliberate, arbitrary choice of said institution.

That's correct. And OP has two obvious choices:
1. Give up Binance, at least for buying Bitcoin. Use a different exchange.
2. Give up that bank, it's not the only one in UK.

I don't use the same banking services for my monthly income and for crypto exactly for this kind of reasons: banks may - sooner or later - arbitrarily decide against Bitcoin and it's better to stay flexible.

It's a pain in the a$$ to have 10 bank accounts and to use some of them for your crypto purchases.
Therefore,I decided to never buy Bitcoins from platforms like Coinbase or Binance.
I don't want my bank accounts being blocked for some stupid reason,like buying Bitcoins.
Perhaps I will use services like Localbitcoins and Paxful.The fees are higher,but the process of buying Bitcoins isn't so direct.
Binance will become FCA regulated sooner or later.I don't like them,but at least they are trying to comply with the laws and regulations,just like every big company.

[stompix]

Well, in Italy we are well ahead of this. The second biggest bank in Italy is actively chasing every customer who receives/sends money to crypto exchange to close the account if this activity “not liked” by the bank is immediately suspended.
This happens irrespective of the customer profiling (compulsory profiling of every customer based on financial solidity, economic knowledge, risk appetite etc..etc).

There are banks like this everywhere in the EU but here I don't think it's about the bank but more about Binance since they've stopped all SEPA deposits while no other exchange that is located or operates in the EU has done so.

That's correct. And OP has two obvious choices:
1. Give up Binance, at least for buying Bitcoin. Use a different exchange.
2. Give up that bank, it's not the only one in UK.

The second might now work

The Cayman Islands-registered entity said earlier on Tuesday on Binance.com that the ability to remove or add sterling to its main platform using bank cards had been “suspended for maintenance”. The move came a day after customers were also frozen out of Faster Payments, a major UK payments network that provides quick transfers between the country’s banks, a restriction that the exchange also said was due to “maintenance”.

The Faster Payments withdrawals service was restored late on Tuesday afternoon, according to Binance.com. Deposits using both card and Faster Payment remained unavailable, while withdrawals through cards were still down as of about 5.50pm London time on Tuesday.

https://www.ft.com/content/bf99e9e3-d104-4a92-81a1-8bd70b884b3f

In an email to users on Tuesday, the exchange said that from 8am universal co-ordinated time on Wednesday, customers would no longer be able to deposit funds through the Single Euro Payments Area, or Sepa, schemes. Its move was due to “events beyond our control”, the exchange said.

[Gyfts]

Binance and coinbase are awful. I would say stay away from using exchanges because the fees are annoying, and of course, you don't actually own any Bitcoin when you have it on these exchanges. You have an imaginary number on your wallet which denotes your balance, and you hope that you don't get banned. *But*, if you do use an exchange, do 10 seconds of research, there are so many better ones out there.

[Fortify]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

I saw today that the Binance is trying to hire a former bank regulator from the UK into their company, most likely to try and navigate them towards the best solution for this situation. It is even worse for them than just being banned by the UK, but they are officially located in the Cayman Islands which are also looking into their company and as it is a British Overseas Territory it can cause even further pressure. I'm guessing that the people at Binance must have rubbed up some government officials the wrong way for such forceful action to be taken against them, like point blank refusing to divulge client information "for money laundering" purposes. I have little sympathy for Binance however as their fees are a scandalous ripoff and not adjusted fairly.

[adzino]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

I have heard about it. Why did you thought it wouldn't affect you guys after the ban. Didn't binance give a notice saying that people from UK should withdraw their funds before December? Or did I read it wrong?
And yeah, they are going to lose a lot of revenue. If it going to affect them big time, then I guess we will be seeing binance.uk for you people. A registered company in UK that is FCA regualted.

[maxreish]

Im pretty sure Binance is thinking about considering FCA for the sake of customer's complaints. They have a lot of UK users that are loyal with Binance and if this banks wouldnt allow any transactions to Binance then the percentage of users will be decreased as well as their reputation.

If Coinbase complied already, Binance will think of doing it too.

[lixer]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

Oh now I’m starting to get the reason behind banning of Binance in the UK. The news has not really explained it properly and I kept wondering why the UK has decided to ban Binance and if they are going to do the same thing to other exchanges as well. Now I have understood that it was because of regulation that they decided to ban Binance from there. Anyways, Binance has always been an exchange that is not fly regulated wherever they go to.

I believe that before the UK takes this kind of action against them, they must have been warned about it. Anyways, let’s wait and see what their actions would be. And as for me, I Willa advise you to stay out from the platform.

[ethereumhunter]

If people still feel they get the advantage from Binance and still use Binance without a problem, they will still use it. They will figure out how to still use Binance because they can use P2P exchange to deposit or withdraw the money. Besides that, Binance will follow everything, including the regulation in the UK, because I am sure Binance does not want to lose its revenue from UK users. There will be the next news about that from the banks and Binance because Binance will solve that matter.

[NeuroticFish]

1. Give up Binance, at least for buying Bitcoin. Use a different exchange.
2. Give up that bank, it's not the only one in UK.

The second might now work

Clearly. It's the obvious pick 

It's a pain in the a$$ to have 10 bank accounts and to use some of them for your crypto purchases.
Therefore,I decided to never buy Bitcoins from platforms like Coinbase or Binance.

The leap from 2 accounts to 10 is big and unnecessary. But hey, it's your choice.
You still picked one of the options I've shown, just it was [1], i.e. not what I would have picked. But, again, completely your choice.

[alevlaslo]

https://www.bestchange.com/

[RealMalatesta]

OP, I'm curious as to whether your bank is a big name one or a smaller, local bank.
<…>

Well, in Italy we are well ahead of this. The second biggest bank in Italy is actively chasing every customer who receives/sends money to crypto exchange to close the account if this activity “not liked” by the bank is immediately suspended.
This happens irrespective of the customer profiling (compulsory profiling of every customer based on financial solidity, economic knowledge, risk appetite etc..etc).

Why though? I mean why is that a bad move, or considered a bad move? If I owned a bank I would definitely try to work with exchanges, not only because that would mean that I would get constant action from all the deposits and withdrawals, but if I as a bank end up having all the cash an exchange has? That would be insanely profitable.

Exchanges do not just hold crypto, they also have fiat as well, a lot of local exchanges have fiat, so let's say you deposit fiat in order to buy crypto, that money goes to a bank, it is not like you are giving ton of banknotes to the exchange by hand, you wire it to their bank account. Considering crypto market is billions of dollars all over the world, if I were a global bank I would tell each of my banks in whatever nation they are to get working with exchanges in order to have a ton more money deposit in my bank. It is just logical business, it makes sense, it is very very profitable.

[HaleyOccam]

I also learned this information through the news: The United Kingdom prohibits users from buying any encrypted assets and digital currencies on Binance.

I don’t feel strange.

1.First of all, there must be a large number of users complaining to Binance. When I was using Binance myself, I also felt that sometimes there were big problems，such as unplugging the network cable, delays, and inability to top up the deposit. As a result, I was blown out. It's more like someone deliberately manipulated it, causing users to make a lot of money at any time.

2.Second, Binance is a centralized exchange. There are many problems. It is not open and transparent. A large amount of our funds are deposited in Binance, but the exchange will use the funds to do other things that Sunshine can't find. , Everyone knows this very well.

3.Third, many bigwigs or people with higher knowledge of Bitcoin and blockchain have repeatedly said it many times-the coin withdrawal movement (transferring digital currency from a centralized exchange to a decentralized exchange).

We also need to continue to follow the spirit of Bitcoin, a decentralized peer-to-peer electronic cash payment system.

[fullhdpixel]

I am also surprised with this. Binance.com is still operating in the UK until now, right? I mean, UK citizens can still avail of Binance.com's products and services? If I am not mistaken, the FCA ban was specifically directed at regulated activities by Binance Markets Limited, since it is the only entity of the Binance group which is under FCA regulation.

As a matter of fact, Binance.com's Updated List of Country Eligibility for the “Pay with Bank Card” Feature is still putting UK under countries whose "users can continue to use the service as normal." I'm not sure how updated it is, though.

Because it is not fully banned. This has been a news for a while and for some reason there are still some people who think that UK banned binance fully, why do people think that and does nobody read what we are talking about. There are "certain" things that Binance does all over the world which UK basically said requires a lot more KYC type security or information or whatever you want to call it, and as long as Binance gets those information from people then they could allow those operations to continue.

So, not only this is not about 100% all of binance being banned because it is not, this is about one part of it, this is also not fully banning it neither, this is just saying "hey you are doing this thing, ask them these before you let them do that" and that's it, nothing major. I do not believe that people should even care about this news at all.

[BITCOIN4X]

We really need to check why banks don't allow direct transactions to binance. AFAIK, the Indonesian government has also included the binance site in the exchange list which is no longer accessible to trader (blocking access site) due to not having permission and complying with regulation. But we can still use the app and make a deposit there via another local exchange that already has a permit.

[RokokGudangGaram]

We really need to check why banks don't allow direct transactions to binance. AFAIK, the Indonesian government has also included the binance site in the exchange list which is no longer accessible to trader (blocking access site) due to not having permission and complying with regulation. But we can still use the app and make a deposit there via another local exchange that already has a permit.

Inquiring directly with the bank, regarding the discontinued approval for having transactions with Binance, would be the greatest way to find out why such happened. And just like what others have suggested in this thread, it would also a good step to ask other local banks in your areas if they allow clients to have direct transactions with Binance. Then maybe one could just opt to that bank that allows transactions with Binance.

[goldade]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

Although the best thing would be that Binance becomes FCA regulated just like Coinbase so that their users can be allowed payments from debit and credit cards. There are, however, several other options that these users can employ.
One of which would be to, instead of Binance, use other exchanges that are FCA regulated and allow transactions with debit and credit cards
Another alternative would be to still use Binance but instead of cards employ the use of P2P.
Those are, I believe, the best alternatives

[Cryptoshops]

I saw a number of such messages posted by different users on twitter



It's so funny how Barclays Bank UK all of a sudden care about how adults spend their money on crypto yet they allow the same adults to use the money to buy guns, drugs and even gamble it off irresponsibly. Double standards!

Yep thats the same message as what i got

[Cryptoshops]

OP, I'm curious as to whether your bank is a big name one or a smaller, local bank.  The reason I ask is because once I had a bank manager ask me in person about a bunch of transactions in my checking account (which was back when Circle used to buy/sell bitcoin).  I told her that they were bitcoin purchases--and they were all for very small amounts--and that was pretty much the end of it.  They might have been concerned, but they definitely didn't prohibit me from having my checking account linked to Circle.

This Binance thing in the UK and elsewhere really sucks.  And on the radio today I heard some politician in the US talking about banning bitcoin because of all the ransomware attacks that have been going on lately.  It seems like there's a (maybe) coordinated attack against crypto by a lot of powerful people and/or institutions.  I'm hoping for the best, but banks have a lot of power and so do politicians.  

Hopefully you can find another exchange to do business with, OP.  I wish you luck.

It's so funny how Barclays Bank UK all of a sudden care about how adults spend their money on crypto yet they allow the same adults to use the money to buy guns, drugs and even gamble it off irresponsibly. Double standards!

It's not funny at all, IMO.  Unless the crypto community stands up to these assholes, we're all going to be in some serious shit if we want to continue being bitcoiners (or altcoiners).  All it would take is a law banning crypto and we'd all be instant criminals.

Yes its one of the big international banks so not just in the UK  As far as I can tell its the only bank in the UK to stop payments to Binance.com