Barclays ban Binance deposits

steampowered

Mje2020 said:. 

If your bank stopped you from making transactions in a certain supermarket to protect you, I guess you would all be fine with that based on the responses? How about if your bank said that to protect you, you could no longer buy alcohol, soft drinks, take aways, etc. Still happy with that? Still reasonable and fair?

Banks have always restricted deposits to certain organisations. It's nothing new.

In fact banks are under a legal obligation to prevent transfers which could result in fraud, money laundering or to sanctioned countries or organisations.

To take an extreme example, see https://www.bbc.co.uk/news/business-23255853.

Mje2020

Hi Lozzy, 

You don't need to use much of your imagination here really. My money is safer with Binance than Ladbrokes, for example. I can take out 100x leverage on many crypto platforms if I wish, which I wouldn't consider safe either. I can use my card to buy anything else I want. Barclays stated the ban was to 'keep my money safe'. I can put it into RobinHood if I lived in the US - take a look at their IPO document to see how they treat PIs! I can buy any shares I like via Barclays Invest - this can be in a whole plethora of dubious or close to bankrupt firms. If the reason was to keep clients' money safe, they would block many more companies (Amigo Loans, for example!).   

I have never heard of a bank blocking payments to a specific company. Does anybody have examples of this happening before? I am surprised others are not concerned by this, regardless of what company it is. I see I have a different view here to most others. That's fine. Personally, I want to be able to use my card however I like, being entrusted to make the decision myself. If I lose my money, so be it. As mentioned, I instantly switched to another bank (who will likely take similar action in future). 

lozzy1965

Hi Mje,

I'm by no means an expert on any of this, but just picking up on your first example.  You might regard your money as safer in Binance than Ladbrokes, I guess people who profess to know what they are doing when gambling might disagree - and a lot on here would say there is no difference between the two companies reasons for existence .
Is it what you could then do with your money AFTER it has been moved to Ladbrokes rather than Binance?  I'm thinking about the well documented liking for crypto currency when money laundering.

The link above your post is an example of 'this happening before'.

[Deleted User]

How are they stopping it as actually depositing cash to Binance is done via an LTD company I think

Malthusian

Mje2020 said:

Hi Lozzy, 

You don't need to use much of your imagination here really. My money is safer with Binance than Ladbrokes, for example. I can take out 100x leverage on many crypto platforms if I wish, which I wouldn't consider safe either. I can use my card to buy anything else I want. Barclays stated the ban was to 'keep my money safe'. I can put it into RobinHood if I lived in the US - take a look at their IPO document to see how they treat PIs! I can buy any shares I like via Barclays Invest - this can be in a whole plethora of dubious or close to bankrupt firms.

If RobinHood, Ladbrokes and Barclays Invest demonstrated repeated anti money laundering failures, securities fraud and vulnerability to hacking, on the same scale as Binance, I wouldn't be surprised if Barclays blocked them as well.

Barclays is not trying to stop its customers from losing their money, the only thing Barclays is interested in is not losing its own money, on AML fines and liability for customers' losses to fraud.

Deleted_User said:

How are they stopping it as actually depositing cash to Binance is done via an LTD company I think

Shouldn't be difficult. All Barclays has to do is block any account numbers known to be used by Binance and close the accounts of any customers trying to get round it by moving money to Binance via shell companies.

Type_45

IanManc said:

I doubt Barclays will miss you.

Not the first time I've noted that you've crossed the line and been unnecessarily rude.  And to a new member, too.

Type_45

Mje2020 said:

Hi all,

Along with all Barclays customers who have used Binance (cryptocurrency exchange) in the past, I received a message yesterday telling me I would no longer be able to make deposits to Binance. All deposits are banned. 

I am appauled by this action. It isn't a case of whether you think crypto is a 'scam' or not, this is my bank dictating where I can or can not spend money. Clients were told this was to 'protect' our funds. I am still allowed to use any other crypto exchange and any gambling site. 

I would be interested to hear views on the action taken by Barclays. As stressed, this isn't a 'crypto' discussion. This is a question of whether it is acceptable (legal even) for a bank to stop you making purchases of your choice.

Thanks. MJE

I completely agree with you.  The mistake you've made is to use this forum to discuss the subject.  It's the wrong crowd.


I hold some crytpo (a few grand).  But it's clear to me that the powers-that-be don't like it.  I've been of the opinion for some time that it will be snuffed out in favour of Central Bank Digital Currencies.


Anyone who can't see the way the world is headed right now clearly has issues.  The direction of travel is that we are being more controlled and will have less freedoms going forward.  And it is technology which is enabling this process.  


And if you think being stopped from buying crypto via Barclays is a liberty, think of it as just a taster of what is to come.

lozzy1965

Type_45 said:

I completely agree with you.  The mistake you've made is to use this forum to discuss the subject.  It's the wrong crowd.

I hold some crytpo (a few grand).  But it's clear to me that the powers-that-be don't like it.  I've been of the opinion for some time that it will be snuffed out in favour of Central Bank Digital Currencies.


Anyone who can't see the way the world is headed right now clearly has issues.  The direction of travel is that we are being more controlled and will have less freedoms going forward.  And it is technology which is enabling this process.  


And if you think being stopped from buying crypto via Barclays is a liberty, think of it as just a taster of what is to come.

Type_45 said:

IanManc said:

I doubt Barclays will miss you.

Not the first time I've noted that you've crossed the line and been unnecessarily rude.  And to a new member, too.

Ha ha, not the first time you have peddled your conspiracy theories either

I agree with the unnecessary rudeness though!

The trouble is, when people with a minority opinion think they are the ones who have the world sussed.  That's when problems start!

You can comment on my statement that "if you have nothing to hide you have nothing to fear" now...

Hexane

Type_45 said:

Mje2020 said:

Hi all,

Along with all Barclays customers who have used Binance (cryptocurrency exchange) in the past, I received a message yesterday telling me I would no longer be able to make deposits to Binance. All deposits are banned. 

I am appauled by this action. It isn't a case of whether you think crypto is a 'scam' or not, this is my bank dictating where I can or can not spend money. Clients were told this was to 'protect' our funds. I am still allowed to use any other crypto exchange and any gambling site. 

I would be interested to hear views on the action taken by Barclays. As stressed, this isn't a 'crypto' discussion. This is a question of whether it is acceptable (legal even) for a bank to stop you making purchases of your choice.

Thanks. MJE

The direction of travel is that we are being more controlled and will have less freedoms going forward.  And it is technology which is enabling this process.

Born free, but everywhere in blockchains -- Jean-Jacques Rousseau

Type_45

Hexane said:

Type_45 said:

Mje2020 said:

Hi all,

Along with all Barclays customers who have used Binance (cryptocurrency exchange) in the past, I received a message yesterday telling me I would no longer be able to make deposits to Binance. All deposits are banned. 

I am appauled by this action. It isn't a case of whether you think crypto is a 'scam' or not, this is my bank dictating where I can or can not spend money. Clients were told this was to 'protect' our funds. I am still allowed to use any other crypto exchange and any gambling site. 

I would be interested to hear views on the action taken by Barclays. As stressed, this isn't a 'crypto' discussion. This is a question of whether it is acceptable (legal even) for a bank to stop you making purchases of your choice.

Thanks. MJE

The direction of travel is that we are being more controlled and will have less freedoms going forward.  And it is technology which is enabling this process.

Born free, but everywhere in blockchains -- Jean-Jacques Rousseau

Very good!  Who did you steal it from?