UK Bank Refuses to Ban Crypto Despite Overall Trend

Barclays bank representative stated that Bitcoin buying on credit cards will remain allowed and no bans are planned according to the bank policy
08 February 2018   758

Barclays is a British multinational bank and financial services company headquartered in London, which is offering products and services across personal, corporate and investment banking, credit cards and wealth management.

In a recent interview with BBC, Barclays has announced that customers will continue to be able to purchase cryptocurrencies using credit cards, despite the overall trend of banks banning cryptocurrency. For instance, british Lloyd’s Banking Group confirmed that it will block any cryptocurrency-related operations with credit cards.

We take precautions to assess affordability before extending credit, flag and prevent any suspicious transactions and also closely monitor credit risk.

Barclays Spokesperson

The spokesperson from Barclays bank claimed in an interview with BBC that customers will be able to use both Barclays debit cards and Barclaycard credit cards to purchase cryptocurrencies.

As for the situation in other countries, US financial institutions like JP Morgan Chase & Co., Citigroup Inc. and Bank of America Corp. have announced that they had started blocking crypto transactions made with credit cards.

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.