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HSBC becomes the latest UK bank to block Binance payments

Updated: Jul 25, 2024
Published: Aug 3, 2021
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The pressure on Binance in the United Kingdom continues with another major bank blocking transactions to the crypto exchange.

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HSBC blocks Binance transactions

HSBC, the world’s sixth-largest bank, has become the latest financial institution in the United Kingdom to block payments to the Binance exchange. The move follows the Financial Conduct Authority’s (FCA) announcement that Binance doesn’t have the license to operate regulated activities in the UK.

The bank has been contacting its customers and telling them to stop payments to Binance until further notice.

A spokesperson for the bank said they have already contacted HSBC UK customers about changes in the cryptocurrency space that could affect them. “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) standards, and are closely following developments, client demand and changing regulation in these markets,” the spokesperson added.

Binance is feeling the regulatory pressure

Binance has been under heavy regulatory pressure in recent weeks. It began with the FCA banning Binance Markets Limited from operating in the UK, leading some banks, including Santander and Barclays, to block deposits to Binance.

The cryptocurrency exchange received similar treatment from regulators in Italy and Malaysia. Binance said it is working on ensuring that it stays on the right side of regulation. It wants to hire ex-regulators to help it navigate the regulatory waters in various countries.

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