Barclays blocking payments to Binance has become a hot topic within the community, featuring Ripple CTO David Schwartz
As AZCoin News reported, Barclays is blocking customers from using their debit/credit cards to make payments to Binance. And Ripple’s chief technology officer, David Schwartz has expressed his opinion on this.
Barclays blocking payments to Binance has become a hot topic within the cryptocurrency community
Referring to the UK banking giant Barclays blocking cardholders from sending payments to the Binance exchange to protect its customers, Schwartz said that financial institutions should be banned from arbitrarily refusing transactions without appeal.
We live in a world where banks “protect” people’s money from being sent to the place they specifically asked to send it, where banks keep your money “safe” from going where you want it to go. 1/2 https://t.co/c3FzB1HN89
— Ｄａｖｉｄ Ｓｃｈｗａｒｔｚ (@JoelKatz) July 6, 2021
He then went on to respond that the governments have policies to make it very difficult for everyone to avoid using financial intermediaries whose policies dictate how you can spend your money. The war on cash is about forcing people to use intermediaries with unappealable power over their spending.
Later, a Twitter account named jrlavoz asked him, “if you could change it how will you do it?”. And Schwartz responded with the following:
“The simplest patch, though by far not a fix, is to prohibit financial institutions from refusing transactions or customers arbitrarily and without appeal. If the government is going to force us to use FIs, they also have to force FIs to serve us.”
Binance described the decision as disappointing in its recent statement:
Source: Binance/Twitter
Schwartz claims that governments make it very difficult to avoid financial intermediaries. Therefore, he does not believe that Barclays is at fault:
“It is not the bank’s fault. They would prefer not to have this responsibility. It’s the government that makes them responsible that forces them to have absurd policies.”
Read more:
- Binance: The FCA UK Notice Has No Direct Impact On The Services Provided On The Platform, Nothing Has Changed
- Binance Shouldn’t Be Operating In The U.K, Says FCA