Binance Under Pressure – More Regulatory Action Against Leading Crypto Exchange

Binance Starts Accepting Withdrawals Again
Binance Starts Accepting Withdrawals Again

Regulators worldwide are cracking down on Binance with Thailand becoming the latest jurisdictions. Meanwhile, Barclaycard has suspended credit card payments to the largest cryptocurrency exchange. 

SEC files criminal lawsuit in Thailand

Criminal investigation was initiated by the Securities and Exchange Commission Thailand. Their accusation: Binance is operating an unlicensed, and therefore illegal digital asset business. Prior to the complaint, the Thai regulator had issued a warning letter, asking the exchange to hand in a written statement, explaining their illegal operations, to which Binance has not responded. 

Offenses against the Digital Asset Business Decree are punishable with a prison sentence of up to five years and a fine of more than 500,000 Baht (~15,500 USD). Thailand is not the only country to initiate regulatory action against Binance lately. Just last week, the UK’s FCA banned the exchange to offer derivatives trading to British customers.

Barclaycard bans Payments to Binance

What many users of Barclaycard’s credit and debit cards already suspected has now been confirmed by the British banking giant. Until further notice, Barclaycard blocks all payments made by customers to Binance, purportedly to “protect” their customer’s money. Several Twitter users did not take the paternalistic guise lightly, under which Barclaycard explains this move, which apparently is a result of the FCA’s action against the crypto exchange. 

Meanwhile, Binance has stated to be disappointed about Barclaycard’s decision, as, according to the exchange, the FCA is only investigating their British subsidiary, Binance Markets Limited, but not the worldwide operating platform:

We are disappointed that Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events.