The drastic move comes as a result of the U.K.’s financial regulator, the Financial Conduct Authority, issuing a notice that Binance is not permitted to operate in the country.
The U.K.-based financial institution embraced Coinbase in March of last year when it allowed the U.S.-based cryptocurrency firm to open an account, but has reportedly decided to sever the relationship.
“It’s so easy a child could do it.” Many fiat pundits have tried to argue that blockchain technology was so far advanced that it wasn’t possible to be understood by the majority of the population.
Scott Snaith, CEO of Leicestershire-based e-bike specialist 50cycles, is warning customers in the United Kingdom against using high street banks after he says his bank accounts with HSBC and Barclays have been blocked.
British banking giant Barclays has dismissed reports that plans are in motion for its own crypto trading desk.
Barclays is said to be considering a cryptocurrency desk, and has been making inquiries of its customers, including its hedge fund operators and strong investors.