Barclays has revealed it no longer backings wiring assets to Binance, one of the biggest cryptocurrency exchanges by daily volume. The bank declared its issues with wiring assets to Binance in a notice sent to its clients yesterday and moved against the exchange following an announcement by the Financial Conduct Authority (FCA) ordering Binance to not offer services in the UK. The action influences in excess of 24 million Barclays clients at an overall level.

Barclays, one of the main financial foundations in the UK, reported they would no longer provide mechanisms for purchasing cryptocurrency on Binance. The bank made this declaration taking effect immediately and advised clients that its goal is to secure their money. Barclays put together this action with respect to the notice that the FCA gave last week, adding, “This activity doesn’t affect the capacity for clients to pull out assets from Binance. The choice has been taken after the FCA notice to customers.”

Last week, the FCA told Binance Markets Limited that it is no longer allowed to embrace any managed action in the UK. As a result, numerous companies are examining what will be the best approach regarding their interaction with the exchange. Notwithstanding, Barclays isn’t the principal bank that has cut off payments to crypto exchange platforms. Last month, Natwest additionally established a cutoff on day-by-day moves to digital money exchanges because of, according to the bank, the supposed fraud related to these tasks. TSB, another UK bank, said it would concentrate on applying comparable measures.

The new measure taken by Barclays would influence in excess of 24 million clients around the world. These clients are presently unfit to move their assets to Binance to purchase digital currencies. While the organization has no physical presence in the UK, it works with payment processors to exchange fiat to cryptocurrency for its customers. Reports note that these entities will no longer have the ability to process payments.