The Tokenized Collateral Network enables the conversion of traditional assets into digital assets and makes way for faster and more secure on-chain settlements.
Barclays Joins Wall Street Analysts Calling XRP Ruling Positive for Coinbase
Wall Street banks including J.P. Morgan also saw the ruling as a positive outcome for the crypto exchange.
Goldman Sachs and Barclays invest in UK crypto trading platform Elwood
The global head of digital assets for Goldman Sachs said the demand for cryptocurrency from institutions is rising and the firm has been “actively broadening” its market capabilities to cater to that demand.
Santander’s UK arm follows Barclays in banning payments to Binance
The bank said would be “following the FCA’s warning to consumers” in blocking payments made to the crypto exchange.
Barclays UK Customers Can No Longer Transfer Funds To Binance
Barclays clients in the UK can no longer transfer funds to Binance after the bank indefinitely banned credit and debit card transactions to the exchange, according to recent reports. The apparent ban comes roughly two weeks after the UK’s Financial Conduct Authority (FCA) stated that Binance Markets Limited, the firm’s UK operations, was not holding proper authorization to carry out crypto operations in the country.
Binance & The FCA: Where It All Stands
The Barclays UK Help Twitter page is routinely replying to frustrated consumers with copy-and-paste language stating: “It’s our responsibility to help protect your money. With this in mind we’ve taken the decision to stop payments made by credit/debit card to Binance until further notice, to help keep your money safe.” The account also directs users to the FCA homepage for more information.
The exchange had been ordered by the FCA in recent weeks to stop crypto regulated activity in the country no later than June 30; while generic crypto-assets are unregulated, surrounding trading products such as futures and options are regulated in the UK.
The FCA is a watchdog that is a financial regulatory body, but also independent from the UK government. As part of broader statement, the FCA also showed broad concern around crypto exchanges at large; the watchdog gave exchanges six weeks from the public letter issue date to remind customers how their money is protected and to send clear messaging that regulatory protection does not apply to them. Accordingly, a number of exchanges, such as Coinbase and Uphold, have issued releases to their UK clients.
Related Reading | Bitcoin Whales Accumulate 60,000 Bitcoins In A Day. What Happens Now?
What’s Next?
It’s difficult to pinpoint next steps for Binance both in the UK and globally. The UK joins a growing list of countries that have been probing or investigating Binance, including the US, Japan, Thailand, and Canada. The firm has also had it’s headquarters move around substantially, before finally concluding that it is a “decentralized” company with no corporate headquarters.
The FCA has only approved five crypto companies to date, and while Binance had applied within the past year to join that list, the company reportedly pulled their own application after “intensive engagement” from the FCA. Binance has responded to the FCA expressing disappointment in the watchdog’s decision, stating the compliance and regulations continue to be a focal point for the firm, and noting that Binance and Binance Markets Limited are separate legal entities.
The global exchange could likely face increased pressure from traditional UK institutions, but it remains to be seen what the long-term, lasting impact that regulatory scrutiny – in the UK and beyond – will do to impact Binance’s broader operations.
Binance's native token BNB has stayed surprisingly resilient in recent months relative to the broader market, despite increased scrutiny from regulatory bodies. | Source: BNB-USD on TradingView.com
Related Reading | Brian Armstrong Says China’s Digital Currency Is A Threat To U.S.
Featured image from Pixabay, Charts from TradingView.com
Binance disappointed by Barclays’ ‘unilateral action’ to block customer payments
A Binance spokesperson reiterated to Cointelegraph that the Financial Conduct Authority’s recent edict only applied to Binance Markets Limited, or BML, which is a separate legal entity from the main global exchange that operates through Binance.com.
Bitstamp crypto exchange hires former Barclays exec as new COO
Sameer Dubey is a 10-year veteran of Barclays and former head of operations for N26.
Coinbase Taps Ex-Barclays Markets Exec to Head Institutional Coverage
Coinbase has hired former Barclays markets veteran, Brett Tejpaul, to head up institutional coverage at the San Francisco-based crypto exchange.
Barclays Hackathon to Attack Data ‘Silos’ With Blockchain
Barclays is holding another hackathon to tackle the finance industry’s perennial problem of data silos. Once again, blockchain will take center stage.
Barclays Is No Longer Banking Coinbase
Barclays is no longer banking Coinbase, resulting in delayed fiat withdrawals and deposits for the crypto exchange’s U.K. users.
14 Banks, 5 Tokens: Fnality’s Expansive Vision for Interbank Blockchains
Fresh off a $63 million fundraise, execs at bank blockchain consortium Fnality shed some light on the often-secretive project’s plan to tokenize fiat currency.
Barclays Leads $5.5 Million Round for Blockchain Business Payments Startup
Barclays Bank has jointly led a $5.5 million Series A funding round for blockchain-based B2B payments startup Crowdz.
Fidelity Hires Barclays’ Former Head of Digital Assets
Financial services giant Fidelity hired Chris Tyrer, former head of Barclays’ digital assets project.
Barclays, RBS, R3 Cut Property Transaction Times in Blockchain Trial
Barclays, Royal Bank of Scotland, R3 and more say they’ve reduced property transaction times to “less than three weeks” using a distributed ledger.
Blockchain Sleuthing Startup Chainalysis Raises $30 Million
The Series B funding was led by seasoned VC firm Accel and included investment from Benchmark, which led the firm’s $16m Series A.
High School Team Places Third in Barclays Blockchain Challenge Event
A U.K. school won third place in a blockchain interoperability hackathon hosted by Clearmatics at the Barclays Rise fintech hub in London.
Barclays and Clearmatics Call on Coders to Help Blockchains Talk to Each Other
U.K. bank Barclays and startup Clearmatics will hold a hackathon next month to spur ideas for blockchain interoperability.
15 Banks Join DTCC Post-Trade Blockchain as Project Enters Testing
The Depository Trust & Clearing Corporation is now testing its main blockchain project with 15 global banks, before taking the tech live in 2019.
Coinbase’s Head of Trading Resigns After Six Months on Job
The head of trading at Coinbase, Hunter Merghart, has resigned just six months after joining the crypto startup from Barclays, CoinDesk has learned.
Barclays Is Pitting Blockchains Against Each Other (For a Cause)
The bank’s DerivHack event will attempt to suss out which of the major enterprise DLT platforms works best for derivatives life cycle smart contracts.