On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Barclays has reported it no longer supports wiring funds to Binance, one of the largest cryptocurrency exchanges in terms of daily volume. The bank announced its issues with wiring funds to Binance in a resolution message to the customers today. The banking giant cites the warning that the Financial Conduct Authority (FCA) issued against Binance last week. The measure affects more than 24 million Barclays customers at a worldwide level.
Barclays Blocks Wires To Binance
Barclays, one of the leading banking institutions in the UK, announced they would no longer support wiring funds to Binance. The bank made this announcement effective immediately and told customers it was meant to protect their money. Barclays based this measure on the warning that the FCA issued last week on the cryptocurrency exchange. The bank stated:
This action does not impact on the ability for customers to withdraw funds from Binance. The decision has been taken following the FCA warning to consumers.
Last week, the FCA stated Binance Markets Limited “is not permitted to undertake any regulated activity in the UK.” As a result of this, many institutions are studying which will be the best resolution on this subject. However, Barclays is not the first bank that has acted directly by blocking payments to crypto trading platforms. Last month, Natwest also established a limit on daily transfers to cryptocurrency exchanges. This due to the alleged fraud numbers associated with these operations. TSB, another UK bank, said it would be studying to exert similar measures.
The recent measure taken by Barclays would affect more than 24 million customers worldwide. These customers are now unable to move their funds to Binance to buy cryptocurrencies. While the company has no offices in the UK, it uses a series of payment processors to route fiat money from its customers to its platform. Reports note that these affiliates would not be able to process these payments now.
Binance Under Scrutiny
Binance has been under scrutiny by world regulators recently. The exchange is facing a criminal complaint filed in Thailand. According to the Thai Securities and Exchange Commission (SEC), the exchange has no authorization to operate there. Similar warnings have been emitted against the exchange in the Cayman Islands, the Canadian province of Ontario, South Africa, and Japan.
Also, there were reports about Binance being investigated by the Department of Justice (DOJ) last May under money laundering assumptions. The exchange has worked to strengthen its systems to comply with existing regulations. Recently, it was announced that it would be one of the first exchanges to adopt Traveler, a tool that automates the Financial Action Task Force’s (FATF) Travel Rule compliance. The company also hired a former top regulator and acting head of the U.S. Comptroller of the Currency, Brian Brooks at the end of April.
What do you think about Barclays blocking customers from sending funds to Binance? Tell us in the comments section below.
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