Binance Faces Ban In China And Blocks In Europe

European banks began blocking customer payments to the crypto exchange Binance after the UK financial watchdog banned operations of Binance’s subsidiary in the UK. In China, Binance faces blocks of its website and apps.

British bank Barclays began blocking customer payments on the Binance cryptocurrency exchange.

“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,” Barclays wrote its clients.

This decision is due to the recent ban on the operation of a subsidiary of the crypto exchange in the UK, Binance Markets Ltd. Later, the same ban on payments to Binance was introduced by the British branch of the Spanish-headquartered bank Santander. Poland’s Financial Supervisory Authority called for caution when using Binance’s services.

At the same time, Binance users were faced with the inability to replenish stock exchange accounts through the SEPA payment system. The crypto exchange later announced that from 8:00 GMT on July 7, it will suspend accepting deposits in euros through SEPA. Binance did not give details, explaining that the solution is temporary and does not depend on the marketplace.

“Any deposits attempted via SEPA in the meantime will be returned within 7 working days. SEPA withdrawals are unaffected by this suspension,” Binance announced.

Last week, Thailand’s financial supervisor opened a criminal case against Binance for doing business with digital assets without a license. In June, the Japanese regulator also stated that Binance was operating illegally in the country.

“Compliance is a journey – especially in new sectors like crypto. The industry still has a lot of uncertainty. We also recognize that with the growth comes more complexity and more responsibility,” CEO Binance Changpeng Zhao wrote in a blog post.

In China the Binance’s website and app have come under lockdown. According to journalist Colin Wu, the exchange’s mobile app is also unavailable due to blocking internal API calls. Chinese Great Firewall now prevents users from accessing the cryptocurrency exchange, which means that it can only be visited using VPN. According to U.Today, in Chinese search engines, Binance and other popular crypto exchanges were blacklisted back in early June.


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