Barclays has started the war against exchange Binance

UK banking bastion Barclays has banned its customers from transferring funds to bitcoin exchange Binance. However, the question is what impact the restrictions will really have.

Barclays’ Binance ban comes after the Financial Conduct Authority (FCA) issued a warning last month saying the exchange’s UK subsidiary Binance Markets Limited (BML) was not permitted to undertake any regulated activity in the UK, such as offering cryptoasset derivatives or securities.

However, Binance noted that users would still able to trade in cryptocurrencies like bitcoin and ethereum, despite the FCA warning.

Nevertheless, Barclays’ Binance ban highlights how the walls are closing in for bitcoin enthusiasts. Regulators and lawmakers around the globe are expected to introduce stricter cryptocurrency rules in the not too distant future, as detailed by a recent thematic research report from GlobalData.

For example, China, the UK, and Iran have either already introduced tougher regulations or flagged for inbound and tougher restrains.