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>> The London-based bank on Monday notified clients of the prohibition on debit and credit payments to Binance, which it said would start immediately and was in

>> The London-based bank on Monday notified clients of the prohibition on debit and credit payments to Binance, which it said would start immediately and was intended “to help to keep your money safe”. They keep my money safe by holding it securely, not by deciding how I use it. That’s the regulators job and they haven’t banned Binance, just a specific part of the product. Where does this end? If I try to width draw cash will I need to tell Barclays how I intend to spend it?

cjensen 5y ago
They are not deciding how you use your money. They are deciding which third parties they are willing to send your money to on your behalf. They're happy to send you your money. They just don't want to have any relationship with Binance.
throwawaysea 5y ago
In the US major banks will sometimes ask you that if you withdraw a large sum or take out a cashiers check. I always tell them it’s not their business and I get back generic lines about how it is for my safety or they’re just trying to help.
- rchaud 5y ago
  They ask because most large checks of this kind are real-estate related, and they want to sell you the mortgage on that deal.
  - orwin 5y ago
    They ask because a fith of 3k to 10k withdrawals are used to pay scammers.
- duxup 5y ago
  Community bank near me does it because they had a number of folks who were getting scammed via some scam calls (family member in jail scam, fake IRS scam, obvious scam 'investments' and so on). They've stopped a handful of scams just by asking the customer what they're doing. For a few of the folks involved the amount of losses would have been devastating financially and certainly emotionally (they're elderly with very limited finances). I know the usual 'the bank wants to sell you something' lines will come up, but it's not hard to just say no, and the teller there might not be Snidely Whiplash...
- vmception 5y ago
  This is all a psychology game and it works better if you understand their psychology. Banks do not care. They don’t want you to make them care. It is also true that they employ compliance officers whose job is to care and be skittish. So don't say drugs, terrorist financing or poorly understood things like crypto. Make up anything else such as you are filling up a pool to swim around in it like Scrooge McDuck. For more leniency, use a bank that took a “criminal non prosecution agreement”, like Wells Fargo, where they remember that Compliance Officers are at-will employees too.
hardlianotion 5y ago
That’s more or less what I had to do to pay some commission last week …
throwaheyy 5y ago
You’re free to withdraw your money from Barclay’s, without needing to tell them anything about what you’re going to do with it, and find your own way to send it to Binance.
- basisword 5y ago
  ...for now. I'm not usually one to pull the slippery slope argument but they seem to be overstepping quite a bit here.
  - gandalfian 5y ago
    When UK banks let people hand their life savings to fraudsters without a quibble they get made to compensate those people. We can't have it both ways.
- strathmeyer 5y ago
  I see you guys have never had your bank call you and ask what you are doing with all that cash you are withdrawling, for their report for the government. I should've just said 'strippers'.
  - throwaheyy 5y ago
    That’s the government’s rule though, not your bank’s. And if that’s too much information to provide, you can still not use a bank and instead stuff cash under your mattress.
- beermonster 5y ago
  That doesn’t stop them asking though.
- hkai 5y ago
  That's what people always said: if you don't like Twitter's policies, build your own. Turns out if you do that, you'll also need to build your own AWS, your own DNS, your own payment systems, your own internet providers. No, it doesn't work this way.
beermonster 5y ago
Barclays once asked me what I needed some cash for when I withdrew it at the counter. None of your business is what I answered.
- secfirstmd 5y ago
  Barclays once blocked all of my company accounts for a week but never told me. Eventually I found out when stuff bounced. When I rang up to find out why they (no joking) asked me to explain why I had transactions from something called "Federal Reserve" (it was part of a US government contract). I explained why. Then they asked me to explain who this "Federal Reserve" was. I laughed thinking they were joking...Then found myself having to actually explain it. They then had me on hold for ten minutes when they checked with their manager...

cjensen 5y ago

They are not deciding how you use your money. They are deciding which third parties they are willing to send your money to on your behalf. They're happy to send you your money. They just don't want to have any relationship with Binance.

throwawaysea 5y ago

In the US major banks will sometimes ask you that if you withdraw a large sum or take out a cashiers check. I always tell them it’s not their business and I get back generic lines about how it is for my safety or they’re just trying to help.

rchaud 5y ago
They ask because most large checks of this kind are real-estate related, and they want to sell you the mortgage on that deal.
- orwin 5y ago
  They ask because a fith of 3k to 10k withdrawals are used to pay scammers.
duxup 5y ago
Community bank near me does it because they had a number of folks who were getting scammed via some scam calls (family member in jail scam, fake IRS scam, obvious scam 'investments' and so on). They've stopped a handful of scams just by asking the customer what they're doing. For a few of the folks involved the amount of losses would have been devastating financially and certainly emotionally (they're elderly with very limited finances). I know the usual 'the bank wants to sell you something' lines will come up, but it's not hard to just say no, and the teller there might not be Snidely Whiplash...
vmception 5y ago
This is all a psychology game and it works better if you understand their psychology. Banks do not care. They don’t want you to make them care. It is also true that they employ compliance officers whose job is to care and be skittish. So don't say drugs, terrorist financing or poorly understood things like crypto. Make up anything else such as you are filling up a pool to swim around in it like Scrooge McDuck. For more leniency, use a bank that took a “criminal non prosecution agreement”, like Wells Fargo, where they remember that Compliance Officers are at-will employees too.

hardlianotion 5y ago

That’s more or less what I had to do to pay some commission last week …

throwaheyy 5y ago

You’re free to withdraw your money from Barclay’s, without needing to tell them anything about what you’re going to do with it, and find your own way to send it to Binance.

basisword 5y ago
...for now. I'm not usually one to pull the slippery slope argument but they seem to be overstepping quite a bit here.
- gandalfian 5y ago
  When UK banks let people hand their life savings to fraudsters without a quibble they get made to compensate those people. We can't have it both ways.
strathmeyer 5y ago
I see you guys have never had your bank call you and ask what you are doing with all that cash you are withdrawling, for their report for the government. I should've just said 'strippers'.
- throwaheyy 5y ago
  That’s the government’s rule though, not your bank’s. And if that’s too much information to provide, you can still not use a bank and instead stuff cash under your mattress.
beermonster 5y ago
That doesn’t stop them asking though.
hkai 5y ago
That's what people always said: if you don't like Twitter's policies, build your own. Turns out if you do that, you'll also need to build your own AWS, your own DNS, your own payment systems, your own internet providers. No, it doesn't work this way.

beermonster 5y ago

Barclays once asked me what I needed some cash for when I withdrew it at the counter. None of your business is what I answered.

secfirstmd 5y ago
Barclays once blocked all of my company accounts for a week but never told me. Eventually I found out when stuff bounced. When I rang up to find out why they (no joking) asked me to explain why I had transactions from something called "Federal Reserve" (it was part of a US government contract). I explained why. Then they asked me to explain who this "Federal Reserve" was. I laughed thinking they were joking...Then found myself having to actually explain it. They then had me on hold for ten minutes when they checked with their manager...