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

[Cryptoshops]

 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

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[stomachgrowls]

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

Even here on my country where certain banks doesnt really allow Binance transactions specially when i do load up but since in this country where crypto is still on the neutral side there are still banks
whom do really accept these kind of transactions.

For sure Binance will surely lost lot of revenue on UK and  they are aware on that and they might really already had the plans about that FCA regulated.

We dont know on whats their plan into their minds but for sure it would be most likely into their consideration.

[jossiel]

It is ok, they have anticipated that there will be a massive loss of revenue from the UK region.

Although it's Binance that's being favored and loved by most traders, you still have a lot of choices to trade if your bank won't allow you to use their service to go through Binance.

[dimonstration]

Atleast there is a notice before they ban or stop you from using Binance there will be time to check or use other exchanges. There are some bank who just lock or closed accounts because of crypto transactions without notice and will to provide details of a transaction. This is why its hard to still use bank when were crypto some transaction seems doubt when it comes to bank.

[Vatimins]

     Indeed, since there is also a good number of people in the uk that are into this industry. Even my friend there sent me a screenshot of the text message saying that "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. This is to help keep your money safe. For further info, please search FCA Binance online. We're sorry for any disruption this may cause you. Your Barclays team." Now looking at the message, I just can't help but to sympathize and be mad about it just as much as my friend since if their only purpose is keeping my friend's funds safe, this should be done just by a couple of warnings and confirmations and letting the owner of the money the right to really decide for himself what ye wants to do with his money regardless of the risks. Since it is his own money and not anyone else's. :/

[cheezcarls]

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

UK has been cracking down on cryptocurrencies since the past few months. As a result, most of the banks are not allowing crypto-related transactions whether buying, selling or converting to fiat. However, I do believe that Binance could negotiate with the regulators later on instead of getting banned for good.

The good thing about your topic is that the bank was informing you about it instead of an automatic closure of your bank account.

[crzy]

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

There are some banks that do not allow this kind of transactions, you can actually do the P2P where you’ll just transfer the money to another person and you can now own cryptocurrency. Debit/credit card from the banks are restricted as well in my country, but i don’t mind because P2P still allows me to buy. That regulation wont hurt Binance that much, that is just temporary.

[Cryptoshops]

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

There are some banks that do not allow this kind of transactions, you can actually do the P2P where you’ll just transfer the money to another person and you can now own cryptocurrency. Debit/credit card from the banks are restricted as well in my country, but i don’t mind because P2P still allows me to buy. That regulation wont hurt Binance that much, that is just temporary.

My bank does allow Coinbase transactions as they are FCA compliant here in the UK. I have sent my bank a message and  they have replied back and given me the option of making a complaint. The FCA said that they can not stop people in the UK from using or trading on  the Binance.com website as its not in the UK jurisdiction so have no idea why they are quoting the FCA to stop people from buying on the Binance.com website. The FCA banned the London based company which was purchased by Binance and are not FCA regulated, They did not ban the Binance.com website as they  have no power over it.  I think its pretty scary when banks can now tell you what you can and cant spend your money on when you have mainstream trading by banks themselves which carry risk just like crypto trading does.

[jaysabi]

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

UK has been cracking down on cryptocurrencies since the past few months. As a result, most of the banks are not allowing crypto-related transactions whether buying, selling or converting to fiat. However, I do believe that Binance could negotiate with the regulators later on instead of getting banned for good.

The good thing about your topic is that the bank was informing you about it instead of an automatic closure of your bank account.

I think all Binance would need to do is become FCA compliant, there is no negotiation involved. You either abide by the financial laws in the jurisdictions you operate in, or you get banned. There's really no reason not to comply.

[Cryptoshops]

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

UK has been cracking down on cryptocurrencies since the past few months. As a result, most of the banks are not allowing crypto-related transactions whether buying, selling or converting to fiat. However, I do believe that Binance could negotiate with the regulators later on instead of getting banned for good.

The good thing about your topic is that the bank was informing you about it instead of an automatic closure of your bank account.

I think all Binance would need to do is become FCA compliant, there is no negotiation involved. You either abide by the financial laws in the jurisdictions you operate in, or you get banned. There's really no reason not to comply.

Binance.com does not fall under UK FCA  regulations because they are not based here in the UK  They are based in the Caymen Islands. The FCA have already stated that they can not stop people in the UK  from trading on the site. They were talking about  Binance company called Binance Markets Limited which is based here in the UK. "The FCA said Binance’s UK subsidiary – Binance Markets Limited – is not currently permitted to “undertake any regulated activities without the prior written consent of the FCA”.

So the FCA’s latest move isn’t entirely significant in this context. It is, in effect, merely enforcing an existing ban. But while Binance Markets Limited is banned from offering regulated services in Britain, non-registered firms can still engage with UK consumers to provide unregulated services – such as buying and selling cryptocurrencies. In order words, Binance can still offer UK-based investors crypto trading via its website."

 Now the banks are saying we can not use Binance.com  because of the FCA which is wrong.

[Nunoluck]

I think this problem will affect the market. I really don't like if government get involved to much in cryptocurrency. If government don't accept bitcoin as a currency then I think there is no reason to ban cryptocurrency. I hope this is just temporary. I think you still can deposit with help of trusted members here, you can ask them to deposit using their bank account and you only need to transfer to them. A long time ago I can't convert my cryptocurrency to fiat and vice versa but I asked help from trusted member here.

[Ucy]

Well, I actually expect centralized exchanges to subjected to fair rules of the countries they operate in. I would be suspicious of exchanges that are centralized but not subjected to the good laws of the countries they get their customers from...
An exchange has to be well decentralized with fair rules for me to take it seriously. It has to avoid relying too much on centralized services/infrastructures ,by the way.

[Lorence.xD]

It is ok, they have anticipated that there will be a massive loss of revenue from the UK region.

Although it's Binance that's being favored and loved by most traders, you still have a lot of choices to trade if your bank won't allow you to use their service to go through Binance.

I disagree that it's going to be alright because that's still a loss no matter how you look at it, isn't UK region a big market for Binance to just let it go that fast and easy and also, are they planning to become legitimate in UK so they can finally get out of the ban?

[jrrsparkles]

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

Maybe Binance team is working on their side to bring Binance.uk? just my assumption lol.

Until the issue resolve, the users can use the p2p trading platforms for fiat conversion or other exchanges which is allowing after accepting the regulations of FCA.

[electronicash]

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

Maybe Binance team is working on their side to bring Binance.uk? just my assumption lol.

Until the issue resolve, the users can use the p2p trading platforms for fiat conversion or other exchanges which is allowing after accepting the regulations of FCA.

its possible for binance.uk. whatever the laws of UK they will comply for them to make business again. it's not just binance is going to lose money. their banks will also lose revenue. is it just binance or other UK base exchanges as well?

they still can't stop people from buying and selling cryptocurrency, they know this so its just a matter of time, it will be restored.

[Haunebu]

Honestly, it seems like your bank is over-reacting here without understanding what is actually banned properly. Based on my research, you should still be able to access cryptocurrencies on Binance without any issues.

https://www.google.com/amp/s/www.cnbc.com/amp/2021/06/28/cryptocurrency-exchange-binance-banned-by-uk-regulator.html

They are enforcing an existing ban on derivatives(Not the cryptocurrencies themselves). Completely understandable move in my opinion.

[jrrsparkles]

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

Maybe Binance team is working on their side to bring Binance.uk? just my assumption lol.

Until the issue resolve, the users can use the p2p trading platforms for fiat conversion or other exchanges which is allowing after accepting the regulations of FCA.

its possible for binance.uk. whatever the laws of UK they will comply for them to make business again. it's not just binance is going to lose money. their banks will also lose revenue. is it just binance or other UK base exchanges as well?

they still can't stop people from buying and selling cryptocurrency, they know this so its just a matter of time, it will be restored.

Banks are not going to face much losses, only the Binance will get the huge impact whenever bank needs money they will get it from their central banks so having money is actually not a problem but they don't want their people to make such amount of money from the platforms which doesn't undergoes their policies. UK is trying to prove they also have same power against binance like US.

[ziennakarishma21]

In my country I don't accept BTC, actually every transaction I still have to be afraid of, but this year it seems that the government has gradually accepted BTC, and the ban on trading that supports BTC in binance. Not supporting binance for the UK will lose a lot of revenue from this country and I think this should be a suggestion for them to consider because not supporting exchange from UK is very inconvenient for you to buy and sell on binance exchange like now.

[oHnK]

About Binance, not only in the UK but also in my country the platform has been banned for long time because they dont have any legitimate. My country's financial services authorities have asked Binance lawyers for the legality of their platform but so far they have not been heeded.  It's only natural that until now Binance is also having problems in my country.  However, I can still trade on Binance with transfers between exchanges and this is not a problem at all.

[Hydrogen]

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

https://www.binance.co.uk/

Binance is currently applying for FCA approval which will be incorporated into its UK website (link posted above).

Services should become available once regulatory terms are met.

Source:  https://twitter.com/binance/status/1409229417415680008

I'm surprised at the crackdown on the part of the UK. There has been so much negative publicity and capital flight with UK finance post #brexit. I thought they'd jump at the chance at expanding business through deregulated crypto.