London Daily

Focus on the big picture.
Thursday, Jul 03, 2025

HSBC joins Barclays and Clear Junction in stopping payments to Binance

HSBC joins Barclays and Clear Junction in stopping payments to Binance

UK customers of what has been called the world’s largest crypto exchange are still unable to make ‘fiat’ withdrawals in GBP from their Binance accounts after payment provider Clear Junction announced it would no longer be supporting GBP and EUR payments to Binance in mid July.

There have now been further waves of action against the company as British multinational bank HSBC told customers on Monday August 2 that it would no longer be supporting credit card payments to Binance.

The news comes after the Financial Conduct Authority (FCA), the UK’s highest financial auditing authority, issued a consumer warning on June 26 about cryptocurrency exchange platform Binance, saying that UK operations arm Binance Markets Limited “is not permitted to undertake any regulated activity in the UK”.

Since the FCA issued the warning over the safety and security of cryptocurrency exchange platform Binance, the company has been under greater scrutiny from customers, regulators and banks alike.

It has become part of a wave of international action from state authorities across the globe who have grown alarmed by crypto’s rapid rise and centrality to emerging avenues for money laundering and organised crime.

On June 21 the Chinese Government declared that it would be clamping down on the considerable amount of cryptocurrency mining taking place in the country, with the impact of the announcement seeing Bitcoin, Dogecoin and Ethereum prices tumbling.

South Korea, another crypto hotspot, recently seized the cryptoassets of around 12,000 citizens accused of tax evasion totalling over $47 million in value, while the Metropolitan Police made the UK’s largest cryptocurrency seizure yet in a crackdown on laundering seizing an estimated £180 million worth of cryptocurrency.

Here’s everything you need to know about what this latest action against Binance means.

What is Binance?


Binance is a cryptocurrency exchange platform which is used worldwide by people looking to trade cryptocurrencies like Bitcoin, Ethereum and more, with its website offering a centralised platform through which to participate in decentralised monetary exchange by buying, selling or getting loans secured by cryptoassets.

Based primarily in the Cayman Islands, Binance Group has an assortment of entities worldwide which include London-based Binance Markets Limited.

Despite being recently awarded a Letter of Commendation sent by the UK South East Regional Organised Crime Unit for “[their] cooperation in assisting our investigations relating to the Supply of Class A Controlled Drugs via the Dark Web”, Binance has now become a greater subject of scrutiny by regulators in the UK.

Did the FCA ban Binance?


The FCA said in their statement that Binance Markets Limited, a subsidiary of the larger Binance Group corporation, “is not permitted to undertake any regulated activity in the UK” and under FCA requirements cannot attempt to do so “without the prior written consent of the FCA”.

This decision from the financial authority comes after plans for a new regulated ‘Binance UK’ affiliate company and crypto exchange based in the UK failed to materialise.

In addition to this, the FCA issued a consumer warning over Binance Group and the services offered on its website, Binance.com, to UK users – informing them of the risks of using Binance.com and investing in decentralised cryptocurrency or cryptoassets which are not regulated by traditional state or monetary authorities.

“No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK,” the FCA added.

“The Binance Group appear to be offering UK customers a range of products and services via a website, Binance.com.”

Newsletter

Related Articles

0:00
0:00
Close
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
×