Global bank, HSBC has blocked its users in the United Kingdom (UK) from making credit card payments against crypto exchange platform, Binance.
The decision was taken driven by Scottish bank NatWest which has 12.5 million users, including UK bank Barclays and Spanish Bank Santander which first imposed payment restrictions on Binance last month.
According to an HSBC spokesperson, they did not hesitate to act decisively especially when it comes to anti-money laundering (AML) standards and know your customers (KYC). They also closely follow developments, client demands, and legal changes in this market.
Starting in June again Binance struggled with sanctions after sanctions from several countries: South Africa, Japan, the UK, and most recently, Malaysia.
So far, Binance has yet to show any effort to ‘cool down’ the situation.
Previously Binance CEO, Changpeng Zhao or more affectionately known as CZ announced his resignation, if there is already a successor to replace his current position. Clearly, he expects the cryptocurrency management company to be sheltered by someone who has a background in legislation related to the cryptocurrency sector.
CZ also expressed his desire for Binance to work with the supervisor:
“The message is clear that supervisors want to tighten the law in this sector. From our perspective for Binance, a big change needs to be made from a technology startup to a financial services company. ”
