HSBC has taken this decision due to concerns about the possible risks to their customers. Major banks including Barclays, Santander, and Natwest also blocked UK customers from making payments to Binance in July. Similar cautions have been issued by financial watchdogs in Hong Kong, Japan, and the Cayman Islands who claim that Binance has been providing financial services without proper permissions.
The widespread ban comes after the Financial Conduct Authority (FCA) issued a warning mentioning that ‘Binance Markets is not permitted to undertake any regulated activity in the UK’.
Although HSBC refused to comment on the individual case, a spokesperson mentioned that the bank places particular emphasis on high AML and KYC standards, and is closely following developments, client demand, and changing regulation.
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