Connect with us


Binance: Barclays blocks payments to cryptocurrency exchange Binance days after FCA ban – why is it facing action?



Binance: Barclays Blocks Payments To Binance Cryptocurrency Exchange Days After FCA Ban – Why Is It Traded? (Image: Ina Fassbender / Getty)

Since the FCA issued the warning about the security of the Binance cryptocurrency exchange, it has been scrutinized more intensively by customers, regulators and banks alike.

The move came as part of a wave of international action by government agencies around the world, alerted to the rapid rise and centrality of crypto in new avenues for money laundering and organized crime.

Log In to our daily newsletter

The i-newsletter cut through the noise

On June 21, the Chinese government said it would crack down on the significant amount of cryptocurrency mining in the country, with the repercussions of the announcement that the prices of Bitcoin, Dogecoin and Ethereum are falling.

Bitcoin prices even fell below the dreaded $ 30,000 threshold that many commentators claimed could lead to a mass sell-off of the cryptocurrency and even greater volatility.

Continue reading

Continue reading

Bitcoin price: has it recovered from falling below $ 30,000? Is China still causing …

Another crypto hotspot, South Korea, also seized the crypto assets of around 12,000 citizens accused of tax evasion totaling over $ 47 million, and the Metropolitan Police carried out the largest seizure of cryptocurrencies in the UK to date to fight money laundering – and seized an estimated value of 114 million pounds of cryptocurrency.

Here’s everything you need to know about what the move against Binance means.

What is binance

Binance is a cryptocurrency exchange used worldwide by people looking to trade cryptocurrencies like Bitcoin, Ethereum, and more, with their website providing a centralized platform through which to participate in decentralized currency exchange by buying, selling, or selling loans secured by cryptoassets receives.

Primarily based in the Cayman Islands, Binance Group has a number of companies around the world, including London-based Binance Markets Limited.

Although he recently received a letter of recommendation from the Regional Organized Crime Department in the South East United Kingdom, for “[their] Working together to support our investigation into the delivery of Class A Controlled Medicines over the Dark Web, “Binance has now become a stronger subject of oversight by UK regulators.

Why did the FCA banned Binance?

The FCA said in its statement that Binance Markets Limited, a subsidiary of the larger Binance Group company, “may not conduct regulated activities in the UK” and, as required by the FCA, not “without the prior written consent of the FCA”.

The FCA continued: “No other Binance Group company has any form of UK license, registration or license to conduct regulated activities in the UK.

“The Binance Group appears to offer a range of products and services to UK customers through a website,”

Binance and similar exchanges, which call themselves “the world’s largest crypto exchange”, must be registered with the Financial Conduct Authority (FCA) to operate fully in the UK.

This decision by the tax authorities comes after plans for a new regulated subsidiary “Binance UK” and a crypto exchange based in Great Britain have failed.

The FCA warned UK customers and consumers against investing in cryptocurrency or cryptoassets that are not regulated by traditional government or monetary authorities and operated on a decentralized basis.

Binance tweeted in response that the FCA’s announcement “has no direct impact on the services” it offers on its exchange platform.

“BML is a separate legal entity and does not offer any products or services through the website.

“Binance Group acquired BML in May 2020 and has not yet launched its UK business or used its regulatory clearances from the FCA.”

The FCA’s measures are not entirely surprising, however, as the company owns the giant crypto exchange Binance Holdings Ltd. is also being investigated for potential criminal activity by several US federal agencies, including the US Department of Justice, the Internal Revenue Service, and the Commodity Futures Trading Commission.

How will Binance’s UK customers be affected?

UK customers using Binance services can still use the platform, but the FCA’s warning urges consumers to be cautious and be aware of the greater risks of investing in cryptocurrencies.

However, the FCA has a deadline of March 31, 2022 that crypto asset companies must comply with and register in order to continue trading in the UK.

Key to the FCA’s concerns about cryptocurrency operations is the rise in scams across social media platforms, often out of the blue asking users about investment opportunities in coins such as Bitcoin, Dogecoin, and Ethereum.

According to the FCA, those using such platforms and trading crypto should “do further research on the product you are considering and the company you are planning to invest with.”

On June 28, UK based users started reporting that they were unable to make faster withdrawals from their accounts on the Binance website after confusion over the future of Binance in the UK.

Those logging into their accounts and preparing for withdrawals were faced with a notice that the payment channel that allows UK users to make quick withdrawals from their sterling accounts was “under maintenance”.

The decision left many users frustrated and skeptical about the timing of this maintenance, which came online just hours after news of the FCA banning the platform.

Has Barclays stopped making payments to Binance?

Today (July 5th), Barclays Bank informed UK customers who had previously made payments to Binance that payments to the platform have been blocked until further notice, stating that this was being done “to help you find your Keeping Money Safe ”.

Barclays customers received the following message:

“Since you made a payment to Binance this year, we wanted to let you know that we are suspending credit / debit card payments until further notice.

“This is to help you keep your money safe.

“For more information, please search FCA Binance online.”

A Barclays spokesman said, “Barclays intends to stop making credit and debit card payments to Binance as of today.

“This promotion does not affect the ability for customers to withdraw money from Binance.

“The decision was made after the FCA warned consumers to keep our customers’ money safe.”

A message from the editor:

Thank you for reading this article. We need your support more than ever as the changes in consumer habits caused by the coronavirus are affecting our advertisers.

If you haven’t already, support our trusted, fact-checked journalism by purchasing a digital subscription.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Crypto News: Ethereum bounces, Shiba Inu jumps, and HUH Token releases white paper



Photo courtesy of HUH Token

Sponsored content

Ethereum continued its rise this week despite being under pressure from the announcement of a new strain of Covid-19 and negative comments from the Federal Reserve. Meanwhile, Shiba Inu is up over 30% and HUH Token has released its highly anticipated white paper.

Bitcoin plunged lower this week after Federal Reserve Chairman Jerome Powell warned that the risk of higher inflation was “increasing,” meaning the central bank will consider stepping up its buying policy to reduce risky asset markets has cranked.

On the flip side, Ethereum, the second largest cryptocurrency by market capitalization, posted its fifth consecutive profit day, trading above $ 4,600 according to data from CoinMarketCap.

Ethereum remains the most popular cryptocurrency bet for most traders, and it looks like it will make another run towards $ 5,000 once risk appetite returns.

Ethereum’s growing market dominance is also reflected in the Ether-Bitcoin (ETH / BTC) daily chart on the Binance cryptocurrency exchange, which is up more than 5.2 percent at the time of writing.

Bitcoin (BTC) buyers were unable to sustain the price rally on Monday, although support near $ 54,000- $ 56,000 could help stabilize the current decline.

The cryptocurrency has fallen about 2% in the past 24 hours and has remained relatively stable for the past week.

On the 4-hour chart, the downward sloping 100-day moving average is indicating a near-term downtrend. This suggests that buyers have benefited from rallies across the board over the past month.

Lately, despite oversold levels on the charts, the $ 60,000 resistance level has been a significant hurdle for buyers. So far, support levels have remained intact, implying the possibility of a tight trading range between $ 55,000 and $ 60,000.

Shiba Inu price is seeing a slight decline after a sharp surge in buying pressure that led to a rally. This correction gives sidelined buyers the opportunity to get in before the next higher leg.

Between November 28 and November 30, the price of Shiba Inu rose 50% from $ 0.0000362 to $ 0.0000543. This massive rally is currently retreating and trading near the middle of the $ 0.0000452 range.

Investors can expect SHIB to reverse course as soon as it re-enters the buy zone. This high probability reversal zone offers investors who missed the initial Shiba Inu price surge the opportunity to participate in the next bull market.

Market participants should wait for the 62 percent Fibonacci retracement level at $ 0.0000431 to be retested before entering a long position. That slump will create the conditions for a 25 percent rise in Shiba Inu price, causing a retest of the range high at $ 0.0000543.

Finally, HUH Token has released its highly anticipated white paper, which is preparing to launch on Monday December 6th.

According to the whitepaper, “The HUH Token dream is a decentralized metaverse where everyone benefits from the data they generate. The data generated through engagement, be it information, opinions, images, sound or any other form of self-expression, generated value for the influencer and the individual, because all data creates influence, and HUH believes

this influence is a currency that must be shared for the common good ”.

This “tokenization” of influence is certainly a new idea in the crypto space and could be a hit among creative and influencer communities. Musicians, artists and influencers could use this crypto and their social network called “MetHUH” to monetize their works or to “influence” them with the help of HUH tokens.

The makers of HUH Token say they built the world’s first “UTIMEME”

Cryptocurrency that combines the power of “meme” tokens with the usability of utility tokens. “Tokenomics will rapidly increase the value of the HUH token, which will be the basis for transactions and rewards through a major social network called ‘MetHUH’, where user data ownership is first taken seriously from a cryptocurrency perspective. With the social network of the HUH, MetHUH, everyone in the HUH can be rewarded for the exchange of content and commitment. ”

HUH Token will be available on PancakeSwap and Uniswap from Monday, and to promote long-term stability and growth, its creators tie up $ 1 million in liquidity for 2 years from launch.

Currently in the final days of the pre-sale, this could be the ideal time to buy HUH tokens. Follow HUH Token on their social networks before they start:

Continue Reading


Mukesh Ambani backs data privacy, cryptocurrency bills



Billionaire Mukesh Ambani on Friday backed proposed privacy and cryptocurrency laws, saying India is implementing the most forward-looking policies and regulations.

Ambani, who was a voice of Indians who owns and controls its own data and the nation that has strict rules for storing and sharing digital information, said nations have the right to build and protect strategic digital infrastructure .

He stated that data was the “new oil” and said that every citizen’s right to privacy must be protected.

“India is introducing the most cutting-edge policies and regulations,” he said at the Infinity Forum hosted by the International Financial Services Centers Authority (IFSCA).

The country, he said, already has a great framework for digital identity – through Aadhaar, digital bank accounts and digital payments.

“We are about to introduce a data protection act and the cryptocurrency act. I think we are on the right track, ”he said.

The comments came as the government wanted to bring a new bill into parliament to treat cryptocurrencies as a financial asset while protecting retail investors. The legislature can prescribe a minimum amount for investments in digital currencies and prohibit their use as legal tender.

The legislative agenda for the current winter session of Parliament, which began on November 29, lists the submission of a bill aimed at banning all private cryptocurrencies with the exception of “certain exceptions to promote the underlying technology of cryptocurrency and its uses” . While the government is considering taxing cryptocurrency profits, the Reserve Bank of India wants a total ban on digital currencies as it believes it could hurt the country’s macroeconomic and financial stability.

“Data and digital infrastructure are of strategic importance to India and every other nation in the world. Every country has the right to build and protect this strategic digital infrastructure, ”he said, adding that a unified global standard is needed so that cross-border transactions, collaborations and partnerships are not obstructed.

He stated that every citizen’s right to privacy must be protected, saying that the right policies and regulatory framework must balance this with the country’s need to protect data and digital infrastructure.

Ambani, chairman and general manager of Reliance Industries Ltd, said he was a big believer in blockchain technology.

“I believe in blockchain technology and that is different from cryptocurrency,” he said, adding, “Blockchain is very important for a trust-based, fair society.” While the bill to regulate cryptocurrency is in the works, RBI- Governor Shaktikanta Das to those who believe that the blockchain technology underlying cryptocurrencies could also exist on their own without the currency.

“With blockchain, we can provide unparalleled security, trust, automation and efficiency for almost any type of transaction,” said Ambani. “It can be used to modernize our supply chains, which are the lifeblood of our economies.” India is now well on its way to becoming a leading digital society with the digital infrastructure and regulatory framework in place.

“Data is indeed the ‘new oil’. But the new oil is fundamentally different from the traditional oil. Traditional oil was only extracted in selected locations – so it only created wealth for a few countries. In contrast, the new oil – that is, data – can be produced and consumed anywhere and by anyone. It has the potential to deliver equitable value across sectors, regions and economic classes, ”he said.

His comments are against the backdrop of a debate on how India should balance user protection with supporting its digital economy in the world’s fastest growing major internet market. Foreign companies and hundreds of domestic startups thrived amid a lack of regulation.

Ambanis Jio has accelerated internet adoption and has contributed to the crash in data prices since launching in the retail market.

The country, he said, is switching completely from 2G to 4G. “We are in the process of creating an equally affordable ecosystem of devices to enable greater adoption, supported by faster adoption of fiber, cloud and data center infrastructure.

“The next step will be the connectivity of machines, devices and vehicles, in other words the Internet of Things. With the introduction of 5G in India next year, we are on our way to have one of the most advanced digital infrastructures in the world. ”Ambani said India is well on its way to becoming a leading digital society after digital infrastructure and the regulatory framework had been created.

“Finance is at the heart of everything, and I think we are in the very early stages of sporadic digitization, and with the advent of various new age technologies, there is an opportunity to adopt a decentralized financial model,” he said.

There will be centralized government and central bank policies, but there will be a path to decentralized technological solutions where funding is enabled and available to everyone, Ambani said.

Real-time technologies will help complete trades, not in days or hours, but in real time. Smart contracts are becoming a reality.

“The convergence of real-time technologies, distributed ledgers, blockchain, smart tokens, etc. with physical infrastructure using IoT will redefine the decentralized finance sector in ways we never imagined,” he added.

Continue Reading


‘Wolf of Wall Street’ Jordan Belfort Warns About Investing in Dogecoin and Shiba Inu Cryptocurrencies – News Bitcoin News



Jordan Belfort, the former stockbroker whose memoir was made into a film with Leonardo DiCaprio, has warned against investing in meme cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB). Belfort stated that “people are taking advantage of an unregulated market”, stressing that “the sooner governments step in, the better it is for crypto.”

The Wolf of Wall Street’s advice on Dogecoin and Shiba Inu cryptocurrencies

Jordan Belfort, also known as the Wolf of Wall Street, warned investors not to invest money in meme cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB) in an interview published Tuesday with The Sun.

“I’m a fan of blockchain, but there is a lot of nonsense out there, a lot of bullshit coins that serve no purpose and are only there to separate people from their money,” he said.

Belfort is a former stockbroker whose memoir was adapted in a film titled “The Wolf of Wall Street” starring Leonardo DiCaprio and directed by Martin Scorsese. Belfort founded Stratton Oakmont, which acted as a boiler room, marketing penny stocks and tricking investors with “pump-and-dump” stock sales. In 1999 he pleaded guilty to fraud and was jailed for 22 months; he is now a motivational speaker.

“I got greedy. … Greed is not good, ”he said in 2014 at a motivational interview in Dubai.

The writer of The Wolf of Wall Street told The Sun:

You hear crazy stories from people who make millions and billions, but for every such person there are 10,000 or 100,000 people who get their money in Shiba Inu … It’s not a real investment.

Belfort added, “People are taking advantage of an unregulated market and creating shit coins that have no value and no use.”

Both Dogecoin and Shiba Inu have grown in popularity tremendously in the past few months. At the time of writing, DOGE is the 10th largest cryptocurrency by market capitalization and SHIB is the 13th largest. The price of Dogecoin is $ 0.210057. It has grown by more than 6,154% in the past year. The price of Shiba Inu is $ 0.00004284. The meme coin gained 66,650,613.9% over the past year.

Belfort then proposed against crypto investment programs like MILF Coins and Yummy Coin, stating that “unscrupulous people start the coins and come into a chat room and say things that are obviously illegal”.

He stressed: “People should go to jail seriously – they are not legitimate. There is no way they will ever work … I suspect someone will be charged for this stuff. “

He pointed out, “What I hate most about it is this legitimate stuff – it gives these digital coins a bad name,” he said:

The sooner governments step in, the better it is for crypto, because when the authorities start regulating a dark market, it gets bigger and better.

What do you think of the advice from the Wolf of Wall Street? Let us know in the comment section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.

More popular news

In case you missed it

Continue Reading