Banks in the UK continue to crack down on Binance’s cryptocurrency exchanges, with banking giant HSBC reportedly being the latest bank to cut payment channels to the platform.
According to an alleged announcement of the suspension of the service, HSBC UK made the decision “out of concerns about possible risks” for its customers. “We take our duty as a responsible lender seriously and want to do everything we can to protect you. We will continue to monitor the situation and inform you if something changes, ”the bank is said to have written.
BREAKING: HSBC, the sixth largest bank in the world, has now BANNED all payments to the Binance Exchange. pic.twitter.com/GGHLv0Czcd
– Mr Wal (@CryptoWhale) August 2, 2021
HSBC UK cited a recent warning on Binance issued by the UK’s Financial Conduct Authority (FCA) raising concerns about Binance’s regulatory status in the country. “This also explains some of the risks of investing in crypto assets should that go wrong,” the bank noted. Binance officials previously informed Cointelegraph that the FCA’s warning only applies to Binance Markets Limited, a separate legal entity from the major global exchange that operates through Binance.com.
HSBC and Binance did not immediately respond to Cointelegraph’s request for comment.